ISLAMABAD – Web Desk: Pakistan has initiated work on a plan to establish strategic petroleum reserves capable of holding up to 90 days of fuel supply, officials confirmed.
The move comes amid concerns over potential disruptions in oil supply through the Strait of Hormuz, a critical global oil transit route. Recent military tensions between the United States and Israel against Iran have heightened uncertainty in global energy markets, prompting Pakistani authorities to reassess the country’s reliance on imported oil.
Under the emerging plan, the government is considering imposing a petroleum levy on petrol and diesel. A levy of Rs 10 per litre could generate approximately Rs 200 billion annually based on current consumption of about 20 billion litres per year, according to officials.
Over three years, the levy could accumulate around Rs 600 billion (over $2 billion), which would be used to construct strategic storage facilities.
