A high-level committee set up to monitor fuel prices and supply in the wake of escalating tensions in the Middle East was informed on Monday that Pakistan’s petroleum stocks remain at “comfortable levels”.
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According to the Ministry of Finance, the committee was constituted a day earlier by Prime Minister Shehbaz Sharif and held its first meeting under the chairmanship of Finance Minister Muhammad Aurangzeb.
The federal government on Monday decided to convene daily meetings of a high-level cabinet committee to monitor petroleum prices and energy supplies amid rising regional tensions, as it sought to ensure uninterrupted domestic availability and maintain market confidence.
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During the session, members conducted a comprehensive review of global oil market conditions, including international benchmark movements, freight and insurance costs, shipping route dynamics, and alternate sourcing options. Forward and futures price trends were also examined, alongside the resilience of regional and international supply chains amid the evolving geopolitical situation.
The committee assessed potential short- and medium-term foreign exchange implications arising from oil price volatility and deliberated on measures to prevent supply disruptions while ensuring uninterrupted domestic availability of petroleum products.
Officials were told that there was no immediate supply stress and that Pakistan’s energy supply chain remains stable and fully functional. However, the committee noted that any prolonged conflict, particularly involving key maritime chokepoints such as the Strait of Hormuz and the Bab el-Mandeb, could pose challenges to global energy security and potentially impact Pakistan.
Liquefied natural gas and liquefied petroleum gas supplies, shipment schedules, terminal operations, and storage levels were also reviewed. The committee decided to convene daily to ensure real-time monitoring of international prices, domestic stock levels, foreign exchange exposure, and supply chain developments.
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The finance minister assured the public and market participants that governance mechanisms are fully operational and that any necessary pricing adjustments would be implemented transparently and in an orderly manner to avoid abrupt disruptions.