Web Desk

ISLAMABAD: During a meeting focused on energy security, Prime Minister Shehbaz Sharif directed the authorities to accelerate Pakistan&#39;s transition to electric vehicles and establish strategic reserves of crude oil. He emphasized that these initiatives are now crucial components of the country&#39;s long-term planning. &quot;Timely measures and energy conservation have helped prevent an energy crisis despite the current regional situation,&quot; the PM said during the briefing, according to a press statement issued by the Prime Minister&#39;s Office. The PM called for a gradual shift to electric vehicles (EVs), directing that &quot;in the future, only electric buses and motorcycles should be procured for official use.&quot; He also ordered that &quot;steps be accelerated for the establishment of EV charging stations.&quot; The prime minister instructed officials to advance plans to maintain strategic crude oil reserves, saying the initiative should continue in view of future energy needs. &quot;Local production of high-quality storage batteries should be encouraged,&quot; he added. According to the press statement, officials briefing the meeting said that the National Coordination and Management Council, formed in view of the regional situation, was monitoring developments in the energy sector daily. They added that Pakistan currently has &quot;adequate petroleum reserves&quot; and that the country&rsquo;s food security situation &quot;remains stable.&quot;

Pakistan Prime Minister Muhammad Shehbaz Sharif chairing a meeting regarding energy security. Islamabad, 23 April 2026. (Photo: X/@PakPMO)

Security

Economy

Emphasizes that these initiatives are now crucial components of the country's long-term planning.

Pakistan PM directs shift to electric vehicles, strategic oil reserves amid regional tensions

DHAKA: Bangladesh has implemented emergency fuel rationing as escalating conflict in the Middle East disrupts global energy supplies, leading to panic buying, long lines at gas stations, and public anger nationwide.&nbsp; The move comes after recent US and Israeli strikes on Iran and Tehran&rsquo;s retaliatory attacks across the Gulf raised fears of major disruptions in oil shipments. Bangladesh, a nation of about 170 million people that imports nearly 95% of its oil and gas, has been particularly vulnerable to the resulting energy shock.&nbsp; In response, the state-run Bangladesh Petroleum Corporation (BPC) announced restrictions on fuel sales for certain vehicle types to curb hoarding and ensure wider distribution. Motorcyclists, for example, are now limited to purchasing up to two liters of fuel per visit.&nbsp; &quot;Consumers tend to buy more than they usually purchase&quot; during times of crisis, BPC said in a statement. One man was killed on Saturday night in the southern district of Jhenaidah after an altercation with filling station staff over refueling, triggering unrest.&nbsp; Following the death of Nirob Hossain, 25, angry crowds torched three buses and vandalized a filling station, police officer Md Mahfuz Afzal said. As soon as the restrictions took effect on Sunday, long lines of vehicles formed outside numerous gas stations in the capital, Dhaka. &nbsp;&quot;I waited for more than an hour to get two liters,&quot; said motorcyclist Md Al-Amin, 45. &quot;My tank holds eight liters, and I usually fill up once a week, so now I&#39;ll have to come back the day after tomorrow.&quot;&nbsp; AKM Ruhul Amin, a paediatrician, had just filled his sedan car but said it was not enough. &quot;I already waited yesterday, and they closed the station just one car ahead of me,&quot; he said.&nbsp;&quot;I was only able to buy 10 liters today; the government could at least allow us to fill up completely.&quot;&nbsp; Ahmad Rush, an official with the distributor Meghna Petroleum Ltd., estimated that the number of customers had almost doubled.&nbsp; &quot;We opened at 7:30 this morning and were able to refuel 300 vehicles in three and a half hours,&quot; he said. BPC said that fuel deliveries were expected soon. Meanwhile, the energy crisis is beginning to affect other sectors of the economy. Five of Bangladesh&rsquo;s six fertilizer factories have been temporarily shut down until March 18 due to the current supply pressures, an official with the Bangladesh Chemical Industries Corporation, Ahsan Quddus Kuntal, told AFP.&nbsp; The Bangladesh Petroleum Corporation said additional fuel shipments are expected soon, but authorities remain concerned that ongoing geopolitical tensions could further strain supplies in the coming weeks.

People wait in a queue to refuel their vehicles near a fuel station in Dhaka on March 8, 2026

Bangladesh

The move comes after recent US and Israeli strikes on Iran and Tehran’s retaliatory attacks across the Gulf raised fears of major disruptions in oil shipments. Bangladesh, a nation of about 170 million people that imports nearly 95% of its oil and gas, is particularly vulnerable to the resulting energy shock.

Bangladesh rations fuel as Mideast war deepens energy crunch

Faraz Saeed

LAHORE: When the first bombs dropped over Iran just over a week ago, many people outside the realm of geopolitics had no idea how rapidly the conflict would impact their finances. The military escalation between the US, Israel, and Iran has swiftly triggered a global energy crisis. The conflict intensified in late February after a series of strikes by US and Israeli forces on Iranian infrastructure that triggered a forceful response from Tehran. Iran&rsquo;s Revolutionary Guard Corps (IRGC) began targeting tankers and vessels in and around the Strait of Hormuz, a critical shipping route that carries about 20 million barrels of oil and LNG daily (around 20% of the world&rsquo;s energy supply).&nbsp; Within days, insurers withdrew war‑risk coverage and major carriers halted shipping through the region, effectively grinding one of the world&rsquo;s most important energy corridors to a near halt.&nbsp; As a result, oil prices surged sharply. By March 7, Brent crude and WTI crude rose above $90 per barrel, increasing more than 25% within a week, one of the largest weekly spikes in years.&nbsp; Within days of the crude price spike, ordinary consumers began feeling the effects at fuel pumps around the world. In the United States, according to data from the American Automobile Association, the national average price for regular gasoline as of March 6 stood at $3.32 per gallon, up 11% from a week earlier and the highest since September 2024. Diesel prices have jumped sharply worldwide. In the US, diesel hit $4.33 per gallon, rising 15% in a week, which is the highest since November 2023. The UK also saw increases, with petrol at &pound;136.53/L and diesel at &pound;148.35/L, both reaching 16-month highs. Across Europe, prices are climbing too: Germany&rsquo;s A-95 averages &euro;1.96/L (up from ~&euro;1.80 in February), France is around &euro;1.82&ndash;&euro;1.83/L, and Italy and Portugal have risen 6-10&nbsp;cents in recent weeks. Fuel prices across Europe have risen since February. Smaller markets like Belgium, Spain, the Baltic states, and Poland saw increases of 6-10 cents per litre. Scandinavia remains expensive, with prices around &euro;1.92 in&nbsp;Sweden, &euro;1.98 in Denmark, &euro;1.95 in Finland, &euro;2.05 in Norway, while the Netherlands is the highest at &euro;2.19 per litre. Outside the EU, Moldova&rsquo;s gasoline is about 24.33 lei per litre, showing regional spillover effects. Asia&#39;s Growing PainThe shock has not spared Asia. In South Korea, gasoline prices climbed to 1,871.83 won per liter, up 178.94 won since Feb. 28, while diesel rose to 1,887.38 won per litre, prompting concerns about rising logistics and transportation costs.&nbsp; The Philippines expects diesel to rise by over 20 pesos per liter and gasoline by more than 11 pesos. Thailand is preparing for a 15% hike in diesel prices, but has temporarily frozen prices. In India, the price of a 14.2-kg LPG cylinder has risen 7% to 913 rupees.&nbsp; On March 6, Pakistan raised petrol and diesel prices by Rs55 per liter (about a 20% increase), triggering panic buying at fuel stations before the price increase took effect. When traffic through the Strait of Hormuz chokepoint slows, global oil supply tightens, and prices rise quickly. While some developed nations have reserves, many developing economies feel the impact immediately, with fuel costs rising for consumers in cities like New York, London, Seoul, Manila, and Karachi.&nbsp; The key question is whether this will be a short-term shock or the start of a deeper energy crisis.

Business

US and Israeli strikes on Iran in late February triggered retaliation around the Strait of Hormuz, disrupting a key global energy corridor and sending Brent crude oil prices above $90 a barrel, a surge of more than 25% in a week.
The supply shock has driven sharp fuel price increases worldwide from the United States and Europe to Asia and Pakistan. 

Hormuz crisis: Iran war disrupts global oil supply, raises fuel prices

TEHRAN: Iran has announced the discovery of a major gold deposit at one of the country&#39;s biggest mines for the precious metal, local media reported Monday.<p style="-webkit-font-smoothing: antialiased; text-size-adjust: 100%; box-sizing: border-box; margin: 1em 0px 20px; padding: 0px; border: 0px; font-size: 20px; font-stretch: normal; font-style: normal; line-height: 2; letter-spacing: normal; font-weight: 400; color: rgb(0, 0, 0); font-family: source-sans-pro, Arial, sans-serif; font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">The new vein structure was found at the privately owned Shadan gold mine in the eastern province of South Khorasan, which Fars news agency described as &quot;among the country&#39;s most important&quot;.<p style="-webkit-font-smoothing: antialiased; text-size-adjust: 100%; box-sizing: border-box; margin: 1em 0px 20px; padding: 0px; border: 0px; font-size: 20px; font-stretch: normal; font-style: normal; line-height: 2; letter-spacing: normal; font-weight: 400; color: rgb(0, 0, 0); font-family: source-sans-pro, Arial, sans-serif; font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">The agency said the new reserves have been officially validated by the Ministry of Industry, Mines and Trade.<p style="-webkit-font-smoothing: antialiased; text-size-adjust: 100%; box-sizing: border-box; margin: 1em 0px 20px; padding: 0px; border: 0px; font-size: 20px; font-stretch: normal; font-style: normal; line-height: 2; letter-spacing: normal; font-weight: 400; color: rgb(0, 0, 0); font-family: source-sans-pro, Arial, sans-serif; font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">&quot;The proven reserves of the Shadan gold mine in the east of the country have experienced a significant increase following the discovery of a vast gold vein,&quot; the report said.<p style="-webkit-font-smoothing: antialiased; text-size-adjust: 100%; box-sizing: border-box; margin: 1em 0px 20px; padding: 0px; border: 0px; font-size: 20px; font-stretch: normal; font-style: normal; line-height: 2; letter-spacing: normal; font-weight: 400; color: rgb(0, 0, 0); font-family: source-sans-pro, Arial, sans-serif; font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">It added that the vein holds some &quot;7.95 million tonnes of oxide gold ore and 53.1 million tonnes of sulphide gold ore.&quot;<p style="-webkit-font-smoothing: antialiased; text-size-adjust: 100%; box-sizing: border-box; margin: 1em 0px 20px; padding: 0px; border: 0px; font-size: 20px; font-stretch: normal; font-style: normal; line-height: 2; letter-spacing: normal; font-weight: 400; color: rgb(0, 0, 0); font-family: source-sans-pro, Arial, sans-serif; font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">The former is usually significantly easier and cheaper to mine.<p style="-webkit-font-smoothing: antialiased; text-size-adjust: 100%; box-sizing: border-box; margin: 1em 0px 20px; padding: 0px; border: 0px; font-size: 20px; font-stretch: normal; font-style: normal; line-height: 2; letter-spacing: normal; font-weight: 400; color: rgb(0, 0, 0); font-family: source-sans-pro, Arial, sans-serif; font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Iran has not officially disclosed the amount of its national gold reserves but claims to have significantly increased its purchases in recent years.<p style="-webkit-font-smoothing: antialiased; text-size-adjust: 100%; box-sizing: border-box; margin: 1em 0px 20px; padding: 0px; border: 0px; font-size: 20px; font-stretch: normal; font-style: normal; line-height: 2; letter-spacing: normal; font-weight: 400; color: rgb(0, 0, 0); font-family: source-sans-pro, Arial, sans-serif; font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">In September, Iran&#39;s Central Bank governor Mohammadreza Farzin said the bank was one of the world&#39;s top five gold-buying central banks in 2023-2024, according to ISNA news agency.<p style="-webkit-font-smoothing: antialiased; text-size-adjust: 100%; box-sizing: border-box; margin: 1em 0px 20px; padding: 0px; border: 0px; font-size: 20px; font-stretch: normal; font-style: normal; line-height: 2; letter-spacing: normal; font-weight: 400; color: rgb(0, 0, 0); font-family: source-sans-pro, Arial, sans-serif; font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Local media also quoted central bank official&nbsp;Yekta Ashrafi as saying that boosting the gold reserves would help bolster the country&#39;s economy under the weight of international sanctions.<p style="-webkit-font-smoothing: antialiased; text-size-adjust: 100%; box-sizing: border-box; margin: 1em 0px 20px; padding: 0px; border: 0px; font-size: 20px; font-stretch: normal; font-style: normal; line-height: 2; letter-spacing: normal; font-weight: 400; color: rgb(0, 0, 0); font-family: source-sans-pro, Arial, sans-serif; font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Iran has 15 gold mines, with the largest being the Zarshouran mine located in the country&#39;s northwest.<p style="-webkit-font-smoothing: antialiased; text-size-adjust: 100%; box-sizing: border-box; margin: 1em 0px 20px; padding: 0px; border: 0px; font-size: 20px; font-stretch: normal; font-style: normal; line-height: 2; letter-spacing: normal; font-weight: 400; color: rgb(0, 0, 0); font-family: source-sans-pro, Arial, sans-serif; font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Iran&#39;s economy has been crippled by sanctions imposed after the United States and Western capitals accused Tehran of seeking to weaponize its nuclear programme -- an allegation Tehran consistently denies.<p style="-webkit-font-smoothing: antialiased; text-size-adjust: 100%; box-sizing: border-box; margin: 1em 0px 20px; padding: 0px; border: 0px; font-size: 20px; font-stretch: normal; font-style: normal; line-height: 2; letter-spacing: normal; font-weight: 400; color: rgb(0, 0, 0); font-family: source-sans-pro, Arial, sans-serif; font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">The country&#39;s economy has come under further strain since the 12-day war triggered by Israel&#39;s unprecedented attack on Iran, during which the United States briefly joined Israel in striking Iranian nuclear facilities.<p style="-webkit-font-smoothing: antialiased; text-size-adjust: 100%; box-sizing: border-box; margin: 1em 0px 20px; padding: 0px; border: 0px; font-size: 20px; font-stretch: normal; font-style: normal; line-height: 2; letter-spacing: normal; font-weight: 400; color: rgb(0, 0, 0); font-family: source-sans-pro, Arial, sans-serif; font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">Gold is also a safe haven for many Iranians whose purchasing power continues to erode due to soaring inflation and the chronic depreciation of the rial against the dollar.<p style="-webkit-font-smoothing: antialiased; text-size-adjust: 100%; box-sizing: border-box; margin: 1em 0px 20px; padding: 0px; border: 0px; font-size: 20px; font-stretch: normal; font-style: normal; line-height: 2; letter-spacing: normal; font-weight: 400; color: rgb(0, 0, 0); font-family: source-sans-pro, Arial, sans-serif; font-variant-ligatures: normal; font-variant-caps: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;">On Monday, the US dollar traded at around 1.17 million rials on the informal market, while the euro stood at about 1.36 million rials, according to the exchange-rate tracking sites Bonbast and AlanChand.

Middle East

Iran has discovered a major gold vein at the Shadan mine in South Khorasan, significantly increasing reserves. The find aims to strengthen the economy amid sanctions and rising inflation

Articles tagged with "Oil reserves"

Pakistan PM directs shift to electric vehicles, strategic oil reserves amid regional tensions

Bangladesh rations fuel as Mideast war deepens energy crunch

Hormuz crisis: Iran war disrupts global oil supply, raises fuel prices

Iran announces discovery of major gold deposit: media