Pakistan's Minister for Energy (Petroleum Division), Ali Malik, recently said that the country has no strategic petroleum reserves and compared its handling of the situation to India's. His comment comes as Pakistan Prime Minister Shehbaz Sharif said that Pakistan's oil bill has almost tripled to $800 million a week as the Iran war continues to rage on. 

He said that no strategic petroleum reserves (SPR) are available even for a single day, adding that the country holds only 5-7 days of crude oil reserves. Malik mentioned that the refined fuel stocks with Pakistan's oil marketing companies can last 20-21 days. 

Highlighting the gap in the two countries' energy preparedness, Malik said, "We're not India that can secure oil with one sign," noting that New Delhi has 60-70 days of reserves and can release supplies "with a single signature". 

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What is India doing differently?

Cut to India, petrol and diesel rates across the country continue to remain steady, even as global crude markets remain volatile due to the ongoing West Asia conflict and the continued disruption of important shipping routes. After an increase in the rates of commercial 19-kg LPG cylinders on April 1, the rates have been more or less steady. 

Moreover, India is actively reducing its dependence on the Middle Eastern suppliers and diversifying its oil imports. At present, Russia is a top supplier and imports from Venezuela resumed in early 2026, helping New Delhi to cushion against supply constraints in the Middle East. 

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Oil bills rise in Pakistan

Previously, Sharif admitted in a cabinet meeting that the war led to a surge in the country's weekly oil import bill. He said that the country's oil bill has gone up from $300 million per week before the war to $800 million a week at present, marking a 167% increase. 

Despite the rising prices, he said that fuel consumption had slightly gone down in recent weeks, indicating demand-side adjustments. The Pakistan government has also formed a dedicated task force to monitor the oil crisis and review fuel prices daily. 

The rise in energy costs comes even as Pakistan is trying to mediate between the US and Iran to minimise the economic losses triggered by the ongoing conflict. He said that Pakistan facilitated talks between the two countries on April 11, which lasted around 21 hours. 

Did Hormuz blockade cause the global oil price hike?

The prolonged blockade of the Strait of Hormuz has adversely impacted global oil and energy supplies. Global oil prices extended gains on Thursday amid concerns of a prolonged US naval blockade of the Strait of Hormuz and a deadlock in US-Iran talks over the Middle East conflict.

As a result, Brent crude had surged to its highest level since 2022. Brent crude futures for June rose $1.91 or 1.62% to $119.94 per barrel by 0057 GMT, whereas the US West Texas Intermediate futures for June went up 63 cents or 00.59% to $107.51 per barrel. 

Published on: Apr 30, 2026 10:19 AM IST