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FinancePakistan Goods Transport Alliance threatens nationwide strike over fuel price hikes
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The Pakistan Goods Transport Alliance has warned it may call an immediate nationwide strike to protest soaring fuel costs, adding economic pressure on Pakistan from the Middle East crisis. Alliance president Malik Shehzad Awan stated transporters should remain prepared for a strike at any time, criticizing the government's decision to raise fuel prices following renewed Middle East hostilities and crude oil surges. The alliance labeled the new policy of daily fuel price reviews, effective July 21, as 'anti-transport,' noting many road freight businesses face closure due to frequent diesel price hikes. The government claims the daily pricing mechanism increases transparency and aligns domestic prices with international markets. Meanwhile, amid threats to supply routes like the Strait of Hormuz and Red Sea, Pakistani refiners are seeking crude oil from the U.S., Nigeria, Singapore, and Central Asia to diversify away from Middle Eastern sources.
Source report
Pakistan's goods transport alliance has warned it could call a nationwide strike in response to rising 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 surge 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.
Daily Fuel Price Revisions
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 Crude Supply
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
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Pakistan Transporters Threaten Nationwide Strike Over Fuel Price Hikes Amid Middle East Crisis