Pakistan, April 20 -- This newspaper has tracked the Iran war day after day, and the bleakest lesson for Pakistan lies far from the battlefield. A state of more than 240 million people has had to ask Qatar for at least four LNG cargoes because an energy system built around imported fuel was suddenly hostage to the Strait of Hormuz.

Even the ceasefire did not restore normality as transit through Hormuz remains restricted. Meanwhile, officials have told Nepra that LNG under force majeure was not available for power generation. Pakistan's LNG plants have more than 4,500MW of generation capacity, and key Punjab plants together matter even more for grid stability when summer demand rises.

The official line does offer some reassurance: inflat...