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Pakistan’s power woes that are plunging the country into the darkness with planned load-shedding of more than 12 hours stem from Europe’s decision to quit buying Russian fuel.
According to Bloomberg, the world’s fifth-most populous country invested in LNG and signed long-term contracts with Italian and Qatari suppliers in a bid to protect itself from violent price hikes.
It added that Pakistan has been pushed into a corner after some suppliers defaulted but continue to sell to the European market.
The government paid nearly $100 million to procure a single LNG shipment from the spot market to avoid blackouts during Eid.
It was highlighted that the country’s LNG costs could go above $5 billion by the fiscal year-end in July.
The International Monetary Fund’s demand of cutting fuel and electricity subsidies to avail a bailout has been hanging like an axe over the country.
