Pakistan admits lacking ‘oil reserves like India’ to buffer soaring fuel prices

ISLAMABAD: Pakistan has acknowledged its significant vulnerability to the ongoing global oil price shock, admitting it lacks strategic petroleum reserves comparable to India. The statement comes as crude oil prices surged to around USD 126 per barrel—the highest level since 2022—amid disruptions in the Strait of Hormuz linked to escalating Middle East tensions.

In an interview with Samaa TV, Pakistan’s Petroleum Minister Musadik Malik said the country currently relies only on limited commercial oil reserves. He revealed that Pakistan holds crude oil stocks sufficient for just five to seven days, while refined petroleum products maintained by oil marketing companies can last approximately 20–21 days. In contrast, India is estimated to have 60–70 days of combined strategic and commercial reserves, allowing it to stabilise domestic supply during global disruptions.

Malik admitted that Pakistan does not maintain any strategic reserves of petrol, leaving the country highly exposed to external shocks. He highlighted India’s stronger economic position, noting its large foreign exchange reserves and better fiscal capacity, which enable it to absorb global price fluctuations. He also pointed out that India is not currently under an International Monetary Fund (IMF) programme, giving it greater flexibility in adjusting fuel taxes and subsidies. (ANI)

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