A key government committee led by Finance Minister Muhammad Aurangzeb met on Monday in Islamabad to review the country’s petroleum reserves and pricing, as global oil markets face uncertainty due to fresh tensions in the Middle East.
The meeting followed the recent escalation in regional conflict after an Israeli strike on Iran, which has caused fluctuations in international oil prices. Senior officials from the Finance Ministry and the Petroleum Division attended the session.
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According to a statement from the Ministry of Finance, the committee reviewed Pakistan’s current fuel stock and expressed satisfaction over the existing supply, noting that there is no immediate risk of a shortage.
Despite this, the committee acknowledged the potential risks posed by the changing geopolitical environment and emphasised the need for close monitoring. A working group has now been formed to track market developments daily and recommend swift responses if needed.
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To ensure proactive decision-making, the committee will meet every week and provide regular updates to Prime Minister Shehbaz Sharif. The Petroleum Division will serve as the secretariat for the committee, helping with timely coordination and information sharing.
Officials noted that while domestic supplies remain stable, the global oil price volatility could affect future pricing and fiscal planning. The government, they said, is committed to managing the situation responsibly to avoid disruptions in fuel availability or sudden price hikes.
