ISLAMABAD: In response to soaring global oil prices following the Iran-Israel conflict, Prime Minister Shehbaz Sharif has formed a high-level committee led by Finance Minister Senator Muhammad Aurangzeb to monitor economic implications and formulate a mitigation strategy for Pakistan.
According to an official communication dated June 13, 2025, the Prime Minister’s Office directed the Petroleum Division to initiate coordinated efforts due to the sharp spike in international oil prices post-Israel’s attack on Iran.
The committee comprises key stakeholders including the Ministers for Petroleum, Power, and State Finance; Governor of the State Bank; Secretaries of Finance, Petroleum, and Power; Chairman FBR; and senior executives from OGRA, PARCO, PSO, Shell, HUBCO, and IMS.
The committee’s Terms of Reference (ToRs) include:
- Monitoring global futures and forward prices of petroleum and supply chain stability amid regional tensions.
- Assessing short- and medium-term foreign exchange implications.
- Proposing contingency plans to prevent supply disruptions.
- Evaluating fiscal impacts in case of prolonged conflict.
The Petroleum Division will provide secretarial support, and the committee is expected to submit weekly reports to the Prime Minister.
Story by Mushtaq Ghumman
