KARACHI: Pakistan on Saturday reviewed national fuel reserves and import arrangements amid volatility in global energy markets caused by the escalating war in Iran, with authorities saying petroleum supplies remain stable despite disruptions to regional shipping routes.
The assessment came during a virtual meeting of the government’s committee monitoring petrol prices, chaired by Finance Minister Muhammad Aurangzeb, as Islamabad steps up oversight of the energy sector following rising oil prices and uncertainty in global supply chains.
Global oil markets have been jolted by an intensifying conflict involving Iran following joint US-Israeli strikes on Iranian targets late last month and Tehran’s subsequent retaliatory attacks across the region.
The confrontation has disrupted shipping through the Strait of Hormuz, a critical chokepoint for global oil flows, sending crude prices higher and raising concerns over fuel availability for import-dependent countries such as Pakistan.
“A meeting of the Committee to Monitor Petrol Prices was held virtually today,” Pakistan’s finance division said in a statement.
“Members were informed about cargoes currently en route as well as additional shipments being arranged to strengthen national reserves,” it added. “The Committee noted with satisfaction that petroleum product stocks remain at comfortable levels and that supply chains are functioning smoothly, with adequate arrangements in place to ensure continuity of supply in the coming weeks.”
The participants of the meeting also reviewed operational arrangements covering crude imports, refinery operations and maritime logistics, with officials outlining measures to facilitate cargo movements, maintain optimal refinery throughput and ensure the uninterrupted functioning of the petroleum supply chain.
The committee stressed the need for close coordination among refineries, oil marketing companies and government institutions to sustain smooth product flows and ensure nationwide fuel availability.
Pakistan sharply raised petrol and diesel prices by Rs55 per liter earlier this month as international crude prices climbed amid tightening supplies.
The finance minister said during the meeting the government’s priority was to ensure uninterrupted availability of petroleum products while minimizing the burden on consumers during the current global uncertainty.
“Although global energy markets are currently experiencing significant volatility, Pakistan’s supply position remains stable due to proactive planning and close coordination among relevant stakeholders,” he said.
Officials also reviewed fuel conservation and demand management options aimed at moderating import requirements during periods of price volatility, including potential public-sector energy saving measures.
The committee said it would continue daily monitoring of international energy markets, domestic stock positions and supply chain dynamics to ensure timely policy responses and maintain market stability.
