Pakistan State Oil

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Pakistan State Oil (PSO) will be the sole importer of high-speed diesel (HSD) in FY27, as the government bans private oil marketing companies (OMCs) from HSD imports. Petrol imports by private OMCs are capped based on past sales, while PSO will secure a long-term supply contract with OQ Trading of Oman to ensure fuel security amid the Strait of Hormuz closure. New pricing and supply guidelines are issued to the Oil & Gas Regulatory Authority (Ogra).

Pakistan's petrol stocks have declined to a 14-day cover, prompting the government to address procedural issues and enforce anti-hoarding measures. The National Coordination and Management Council (NCMC) convened a session with oil industry stakeholders to review supply challenges amid rising fuel prices and regional tensions.

Sui Northern Gas Pipelines Ltd (SNGPL) declared force majeure for three weeks due to tensions in the Strait of Hormuz, disrupting regasified liquefied natural gas (RLNG) supply to Punjab's power plants. This could cause power shortages, increased loadshedding, and higher reliance on costly spot markets. Qatar Energy, the supplier, cited unresolved regional conflicts and safety concerns as reasons for delayed LNG deliveries.

Ogra announced a 15pc increase in Regasified Liquefied Natural Gas (RLNG) prices for June due to supply disruptions from the US-Iran war and costly spot market purchases. The price hike raised fuel costs for power generation to Rs31 per unit in May, up from Rs13.72 in April, with Sui Southern Gas Company (SSGCL) and Sui Northern Gas Pipelines (SNGPL) reporting higher distribution and transmission losses.

The Economic Coordination Committee (ECC) approved Rs40 billion in supplementary grants and a Rs100bn financing facility for Pakistan State Oil (PSO), which faces over Rs900bn in receivables from state-owned enterprises. Additional funds were allocated for parliamentarians’ schemes, expanded special honoraria for ministries, and projects like the Pakistan Navy’s Hangor Project.