Iranian Oil Smuggling Plummets 60pc Amid Tanker Destruction

The smuggling of Iranian oil into Pakistan has significantly decreased by at least 60% over the past month and a half, according to sources in the oil sector. This drastic decline is attributed to the destruction of at least six oil tankers coming from Iran by terrorists within this timeframe.

The increase in oil prices above $100 per barrel after the US-Israeli war on Tehran began contributed to the initial surge in smuggled Iranian oil into Pakistan. However, with the closure of the Strait of Hormuz following the February 28 attack, the influx slowed down.

Pakistan's reliance on imported fuel meant that reserves began to decline, but fortunately for the country, the government did not have to implement rationing of oil and gas products. Despite higher prices, the share of petroleum products in Pakistan's import bill remained within its average range.