Pakistan regulator advises oil companies to maintain 20-day stocks as Iran-Israel conflict escalates

The logo of the Oil and Gas Development Company (OGDCL) is pictured at the facade of their headquarters in Islamabad on June 20, 2023. (AFP/ file)
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Updated 22 June 2025
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Pakistan regulator advises oil companies to maintain 20-day stocks as Iran-Israel conflict escalates

  • Oil and Gas Regulatory Authority clarifies Pakistan holds “sufficient stocks” to meet current demand
  • Experts have warned of spiraling inflation, oil supply constraints due to ongoing Iran-Israel conflict

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) confirmed on Sunday it has advised oil marketing companies to maintain their mandatory 20-day stock levels, clarifying the country holds “sufficient stocks” of petroleum products as the Iran-Israel conflict intensifies. 

Local media outlets reported this week that Pakistani authorities have accelerated oil imports as the Iran-Israel conflict rages on. The conflict took a turn for the worse early Sunday after the US military struck three sites in Iran, inserting itself into Israel’s war aimed at destroying the country’s nuclear program in a risky gambit that could spark a wider regional conflict. 

Experts have warned of spiraling inflation and global oil supply constraints due to the ongoing Middle East conflict. Concern is focused on potential disruptions in the Strait of Hormuz, through which roughly one‑fifth of global oil transits, and weak supply growth from Iran, which produces about 3.3 million barrels per day. Analysts caution any sustained spike could drive up global freight rates, insurance premiums and inflation, particularly in energy‑importing countries like Pakistan.

“The Oil and Gas Regulatory Authority (OGRA) has confirmed that the country currently holds sufficient stocks of petroleum products to meet existing demand,” OGRA spokesperson Imran Ghaznavi said in a statement.

“However, in view of anticipated future requirements and the prevailing market situation, OGRA has formally advised all Oil Marketing Companies (OMCs) to ensure the maintenance of their mandatory 20-day stock levels, in line with the conditions stipulated in their respective licenses.”

The spokesperson said OGRA remains committed to monitoring the ongoing situation in the Middle East closely and will continue to take “proactive steps” to ensure national energy security.

Pakistan relies heavily on imported oil, meaning that any sustained spike in prices could widen its current account deficit and push inflation higher at a time when the country is struggling with low foreign reserves and slow growth.

The Israel-Iran conflict started on June 13 when Israel launched a massive wave of attacks targeting Iranian nuclear and military facilities but also hitting residential areas, sparking retaliation and fears of a broader regional conflict.

Over 400, mostly civilians have been killed in Iran so far, while Israel has reported 24 civilian deaths in retaliatory strikes by Tehran and over 1,200 injured. 

Pakistan has condemned Israel’s strikes against Iran and has called on world powers to intervene for an immediate ceasefire in the Middle East through dialogue and diplomacy. 


‘Terrified’ Sydney man misidentified as Bondi shooter turns to Pakistan consulate for help

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‘Terrified’ Sydney man misidentified as Bondi shooter turns to Pakistan consulate for help

  • The man says he received death threats after his images were spread widely on social media
  • He sought consular help after relatives in home country began receiving alarmed phone calls

SYDNEY: A Sydney man said he had received death threats and was “terrified” to leave his home Monday after his photo was widely shared online as the gunman responsible for the Bondi Beach shooting.

A father and son duo opened fire on a Jewish festival at Australia’s best-known beach on Sunday evening, killing 15 people, including a child, and wounding 42 more.

Authorities have condemned the attack as an act of terrorism, though they have not named the two shooters — one killed at the scene, and the other now in hospital.

However, Australian public broadcaster ABC said the alleged assailant was Naveed Akram from the western Sydney suburb of Bonnyrigg, quoting an anonymous official, and other local media reported that police had raided his home.

Photos of a beaming man in a green Pakistan cricket jersey pinged across social media.

Some of the posts were shared thousands of times, drawing vitriolic comments.

But the photo was taken from the Facebook profile of a different Naveed Akram, who pleaded Monday for people to stop the misinformation in a video published by the Pakistan Consulate of Sydney.

“Per media reports, one of the shooters’ name is Naveed Akram and my name is Naveed Akram as well,” he said in the video.

“That is not me. I have nothing to do with the incident or that person,” he said, condemning the “terrible” Bondi Beach shooting.

“I just want everyone’s help to help me stop this propaganda,” he said, asking for users to report accounts that misused his photo, which he had shared in a 2019 post.

’ LIFE-THREATENING

The 30-year-old, who lives in a northwestern suburb of Sydney, told AFP he first heard around 9:30 p.m. on Sunday that he had been falsely identified as the shooter.

“I could not even sleep last night,” Akram told AFP by phone, adding he deleted all the “terrible” messages he got.

“I’m terrified. I could not go outside, like it’s a life-threatening issue, so I don’t want to risk anything... my family is worried as well, so it’s quite a hard time for me.”

He asked the Pakistan Consulate to put out the video because relatives in the country’s Punjab province were getting phone calls as well.

“It was destroying my image, my family’s image,” he said.

“People started to call them. They were worried, and they have told the police over there.”

The Pakistan native moved to Australia in 2018 to attend Central Queensland University and later did a masters at Sydney’s Holmes Institute.

Today he runs a car rental business, and he said Australia is “the perfect country.”

“I love this country. I have never had any safety issues here, like everyone is so nice, the people are so nice here,” Akram said.

“It’s only this incident that has caused me this trauma.”