October 15, 2026: The cost of transporting oil by sea has surged sharply, increasing pressure on fuel prices and raising concerns about broader inflation in the global economy.
According to Reuters, the oil supertanker Esteem Explorer is expected to cost $81 million for a voyage from the United States to Japan carrying approximately two million barrels of crude oil. The same journey cost an average of $9.1 million last year.
The rise in shipping costs is linked to geopolitical tensions, attacks on vessels and disruptions to important maritime routes. Higher insurance premiums and longer journeys are also making oil transportation more expensive.
These additional costs can spread throughout the economy. Oil is used to produce petrol, diesel and jet fuel, while trucks, ships and agricultural machinery depend on fuel to move goods and produce food.
For Pakistan, which relies heavily on imported energy, higher shipping and import costs could add to inflationary pressure. On October 15, Pakistan’s petrol price increased by Rs1.20 per litre to Rs393.86, while high-speed diesel fell slightly to Rs396.65 per litre. Business Recorder reported that higher oil premiums and freight charges contributed to the petrol price increase.
Analysts warn that consumers may continue to feel the effects through transport fares, food prices and other everyday expenses if shipping costs remain elevated.
