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FinancePakistan goods transporters alliance threatens nationwide strike over fuel price hikes
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Pakistan's goods transporters alliance has warned of a potential nationwide strike in response to soaring fuel costs, adding to the economic strain from the Middle East crisis. Malik Shehzad Awan, president of the Pakistan Goods Transport Alliance, stated that transporters should remain prepared for a strike call at any time. The alliance criticized the government's decision to raise fuel prices following the resurgence of Middle East hostilities and the introduction of a daily fuel price review policy, labeling it 'anti-transport.' Many road freight businesses face closure due to frequent diesel price hikes. Pakistan began revising gasoline and diesel prices daily on July 21, citing transparency and alignment with international markets. Meanwhile, Pakistani refiners are seeking crude oil supplies from the U.S., Nigeria, Singapore, and Central Asia amid threats to supply from the Strait of Hormuz and the Red Sea.
Source report
Pakistan's goods transporters' alliance has warned of a potential nationwide strike over soaring fuel costs, adding to the economic pressure the South Asian country faces from the Middle East crisis.
"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 by local media on Friday.
Criticism of Government Fuel Policy
The alliance criticized the Pakistani government's decision to raise fuel prices following the resurgence of hostilities in the Middle East and the spike in crude oil prices. The new policy of reviewing and potentially changing fuel prices daily was labeled by the alliance as the federal government's "anti-transport policies."
Many road freight businesses face closure due to the frequent hikes in diesel prices, Awan said.
New Daily Pricing Mechanism
Earlier this week, Pakistan began revising gasoline and diesel prices on 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 will allow domestic fuel prices to reflect movements in international oil markets. However, the road freight industry is rebelling against the daily changes and is seeking dialogue with authorities to address its concerns.
Refiners Seek Alternative Supply Sources
Meanwhile, Pakistan's refiners are reportedly inquiring with traders about potential crude oil supply from 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 News reported on Wednesday.
By Tsvetana Paraskova for Oilprice.com
Source
OilPrice.com Daily News UpdateWestern
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Pakistan Transporters Threaten Nationwide Strike Over Fuel Price Hikes