Energy crisis in Pakistan spurs demand for Afghani Coal
MG News | March 29, 2022 at 05:29 PM GMT+05:00
March 29, 2022 (MLN): Pakistan is unable to buy fuel on the spot market, and is either skipping purchases or turning to alternatives such as Afghan coal in response to a worsening energy crisis, Bloomberg reported today.
State-owned Pakistan LNG Ltd did not award a recent procurement tender seeking several shipments of liquefied natural gas through May due to high offer prices. Meanwhile, Cement manufacturers, are buying coal from Afghanistan at roughly half the price of shipments from a regular supplier, South Africa.
Poor countries like Pakistan that are heavily reliant on imported fuel have been hardest hit by price spikes following Russia's invasion of Ukraine. In Pakistan, fuel shortages are draining government finances after Prime Minister Imran Khan cut local fuel and electricity prices in early March 2022.
One of Pakistan’s long-term suppliers recently cancelled several LNG cargoes for delivery through July, and the country can’t afford to replace them with spot market purchases, according to traders, who requested anonymity to discuss private details. That risks shortages for power plants and factories, Bloomberg quoted.
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