Pakistan Transporters Threaten Nationwide Strike Over Fuel Price Hikes
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“Transporters across Pakistan should remain prepared; a nationwide strike call can be given at any time,” Malik Shehzad Awan, president of the Pakistan Goods Transport Alliance, said in a statement carried bylocal mediaon Friday.
The alliance slammed the Pakistani government’s decision to hike fuel prices in the wake of the return of hostilities in the Middle East and the spike in crude oil prices.
The new decision to review and potentially change fuel prices on a daily basis was branded by the alliance as “anti-transport policies” of the federal government.
Many road freight businesses face closure due to the frequent hikes of diesel prices, Awan said.
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Earlier this week, Pakistan started revising gasoline and diesel priceson a daily basis, effective July 21, as international crude prices surged amid the re-escalation in the Middle East.
The Pakistani government claims the new fuel pricing mechanism is more transparent and would allow domestic fuel prices to reflect the price action on international oil markets.
However, the road freight industry is revolting against the daily changes and is seeking dialogue with the authorities to address its concerns.
Meanwhile, Pakistan’s refiners are reportedly inquiring traders about potentialcrude oil supplyfrom the U.S., Nigeria, Singapore, and central Asia, amid the escalating crisis in the Middle East that threatens supply from both the Strait of Hormuz and the Red Sea.
Following a meeting with the federal minister for petroleum and natural resources, who briefed industry representatives on the growing threats to crude oil supply, refiners have intensified efforts to secure cargoes from non-Middle Eastern producers, local outlet The Newsreportedon Wednesday.
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| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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