Pakistan is struggling to buy diesel due to a supply shortage with more traders targeting Europe as the loss of Russian fuel flows sets in, Bloomberg reported.
Citing sources, the publication stated that Pakistan State Oil hasn’t been able to secure additional shipments from its main supplier Kuwait Petroleum Corporation.
PSO has requested more diesel from KPC and bought cargoes from the spot market, a spokesman for the retailer said in an emailed response to questions.
“Product is moving toward the west” and there is a need to diversify international supplies due to the challenges, the company said, without saying if it had received additional diesel.
Pakistan’s difficulties come amid a global shortage of the industrial and transport fuel that’s been exacerbated by Russia’s invasion of Ukraine.
It’s putting more pressure on government finances after Prime Minister Imran Khan cut domestic fuel and electricity prices at the start of March, despite agreeing the opposite with the International Monetary Fund.
