ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday directed the authorities, in coordination with provincial governments, to take strict action against anyone creating an artificial shortage of petroleum products, as escalating regional tensions continue to fuel concerns over energy security and rising oil prices.
Chairing a high-level meeting to assess the economic impact of the evolving situation in the Gulf, the prime minister said Pakistan’s economy remained stable but stressed the need for a comprehensive strategy to respond swiftly to any emerging challenges.
He warned that continued instability in the region could have adverse implications for the country’s economy and instructed all relevant institutions to remain on high alert. He also directed concerned departments to stay fully prepared to deal with any disruptions arising from the prevailing uncertainty.
The prime minister appreciated the public for supporting the government’s austerity and fuel conservation measures, saying such efforts would help strengthen the country’s resilience during uncertain times.
Officials informed the meeting that Pakistan currently holds sufficient petroleum product stocks to meet domestic demand and that necessary arrangements have been made to ensure uninterrupted fuel supplies in the coming weeks.
However, market concerns persist following recent US strikes on Iran, with industry sources warning that petroleum prices may increase from next week if international oil prices continue their upward trend.
According to estimates, petrol prices could rise by around *Rs10 per litre, while *high-speed diesel (HSD) may become costlier by up to Rs40 per litre, reflecting sharp increases in global oil prices.
Last week, the government raised petrol and diesel prices by nearly Rs14 per litre, ending two consecutive fortnights of price reductions that had been driven by lower international crude prices.
Internationally, the free-on-board (FOB) price of diesel has climbed to around *$138 per barrel, while gasoline is trading near *$100 per barrel**, increasing pressure on domestic fuel prices.
Industry stakeholders have also expressed concerns over frequent revisions to the petroleum pricing formula, arguing that deviations from the prescribed mechanism have affected the financial sustainability of oil marketing companies and refiners.
Separately, the National Coordination and Management Council (NCMC) convened a meeting on Thursday to review the country’s petroleum supply situation.
The meeting, attended by Petroleum Minister *Ali Pervaiz Malik, representatives of the **Oil Companies Advisory Council (OCAC), the **Federal Board of Revenue (FBR), the *Oil and Gas Regulatory Authority (OGRA) and other stakeholders, concluded that petroleum product stocks remain sufficient to meet the country’s current demand.
The council reaffirmed its commitment to ensuring uninterrupted fuel supplies and maintaining market stability while closely monitoring developments in the region.
Story by Zafar Bhutta
