Record premium paid on oil imports

Pakistan State Oil (PSO) has imported petroleum products at hefty premiums to meet the country's needs, but this high cost will put an additional burden on oil consumers, who are already reeling from exorbitant fuel prices. Amid US-Israel and Iran war, which has choked the Strait of Hormuz – a critical waterway for oil shipments, Pakistan has paid the highest-ever premium on the purchase of petroleum products, leading to higher oil prices in the country. PSO was paying a maximum premium of around $12 per barrel but later rates jumped to more than $34 per barrel, causing a record increase in domestic prices of petroleum products. Sources told The Express Tribune that PSO, in a letter, drew attention of the Oil and Gas Regulatory Authority (Ogra) chairman to high premiums and the need to include them in oil prices. PSO also referred to the recently revised pricing formula for petrole...