Pakistan expects to meet EV adoption target ahead of schedule due to costly fuel

Profit by Pakistan Today reported that the government now expects to reach its electric vehicle adoption goal earlier than scheduled, as costlier fuel makes EVs cheaper to run. Speaking to Bloomberg, Haroon Akhtar, Adviser to the Prime Minister on Industries and Production, said higher fuel costs have shortened the payback period for buying an EV to one to one-and-a-half years. He said the target set in last year's electric vehicle policy could be reached much sooner than planned.

Figures from Pakistan State Oil show petrol up 54% and diesel up 43% since the Middle East conflict broke out in February. Higher fuel bills have shrunk the cost gap of owning an EV versus a conventional car, making electric models more appealing to drivers keen to cut fuel spending. Akhtar also said a new automobile policy could reach the federal cabinet within two weeks, and it may add tax incentives to narrow the upfront price gap.

Brent crude futures gained $2.28, a rise of 2.28%, to reach $102.28 a barrel, and US West Texas Intermediate added $1.66, or 1.88%, to hit $89.94 by 0427 GMT on Thursday. Supply worries followed strikes on vessels across the Gulf region, including the Strait of Hormuz, while US output fell as a hurricane threatened offshore work. The higher crude prices add to the financial case for Pakistani motorists weighing EVs, potentially speeding the planned shift.