{"id":8289,"date":"2023-09-27T05:29:08","date_gmt":"2023-09-27T05:29:08","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/petroleum-crisis-looms-as-prices-soar-globally-the-express-tribune\/"},"modified":"2023-09-27T05:29:08","modified_gmt":"2023-09-27T05:29:08","slug":"petroleum-crisis-looms-as-prices-soar-globally-the-express-tribune","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/petroleum-crisis-looms-as-prices-soar-globally-the-express-tribune\/","title":{"rendered":"Petroleum crisis looms as prices soar globally | The Express Tribune"},"content":{"rendered":"
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\nISLAMABAD:
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As the country grapples with the onslaught of rising petroleum prices, policymakers are scrambling to find a way to combat the growing crisis and secure the nation\u2019s energy future.<\/p>\n

Globally, petroleum prices continue to surge, which have had a significant impact on the Pakistani market. Currently, 90% of petroleum products in the country are imported, with a mere 10% of production taking place domestically.<\/p>\n

The shortage of petroleum reserves in Pakistan also remains a cause for concern.<\/p>\n

In 2014, the country had 387.49 barrels of crude oil reserves, which dwindled down to a mere 92.91 barrels in 2023. This drop is further exacerbated by the decline in oil wells, with the number decreasing from 100 in 2014 to a paltry 47 today, the insiders revealed.<\/p>\n

Read more:\u00a0Russia delivers first batch of LPG to Pakistan<\/a><\/strong><\/p>\n

Sources revealed that the stark reality is that Pakistan has a demand of over 26 million metric tons of petroleum products, while it can only produce 1400 million metric tons.<\/p>\n

This growing gap between demand and production is a ticking time bomb that needs immediate attention.<\/p>\n

The situation is aggravated by the departure of international petroleum companies from Pakistan. Since 2010, a staggering 11 companies have closed their operations in the country, leaving a void that needs to be filled urgently.<\/p>\n

Experts believe that the return of these international players is crucial for the country’s economic growth and to reduce the overall rate of inflation.<\/p>\n

Comparatively, a silver lining in the crisis is that Pakistan’s petroleum prices are lower than those of its neighbouring countries. However, this advantage is nullified by the increasing dependence on costly imports.<\/p>\n

Insiders suggest that one possible solution to alleviate the country’s petroleum woes is to improve the railway and public transport systems, as well as introduce electric vehicles.<\/p>\n<\/div>\n