ISLAMABAD: Pakistan has sufficient petroleum product stocks to meet domestic demand for April and the coming months, the Committee to Monitor Petrol Prices was informed on Thursday, offering reassurance amid fears of global supply disruptions.
The update comes after the government raised petrol and diesel prices by Rs55 per litre earlier this month—an increase of around 20%—due to supply chain disruptions triggered by the ongoing Middle East conflict involving the US, Israel, and Iran. The crisis has pushed global crude oil prices to a two-year high.
To address the evolving situation, Prime Minister Shehbaz Sharif constituted a monitoring committee to oversee petroleum prices and ensure uninterrupted supply, particularly after key oil routes were affected by the closure of the Strait of Hormuz.
A meeting of the committee, chaired by Deputy Prime Minister and Foreign Minister Ishaq Dar, reviewed current stock levels and preparedness. Officials briefed the forum that existing reserves are adequate to meet demand beyond April.
Expressing satisfaction over the supply position, Dar directed relevant ministries and authorities to maintain close coordination, ensure uninterrupted availability, and take proactive measures to safeguard fuel supplies in the coming weeks.
The meeting was attended by federal ministers for petroleum and economic affairs, Special Assistant to the Prime Minister Tariq Bajwa, federal secretaries, provincial chief secretaries, and other senior officials.
In a separate session, Dar also chaired a meeting of the austerity committee to review ongoing efforts aimed at fiscal discipline. He appreciated progress in reducing non-essential expenditures and improving resource efficiency, while urging stricter monitoring and compliance.
Last week, the government initiated daily reviews of petroleum reserves following the escalation in the Middle East crisis. The situation eased slightly after the arrival of a fuel shipment in Pakistan’s maritime zone.
Earlier, President Asif Ali Zardari directed authorities to minimise the impact of rising fuel prices on the public, which has been significantly affected by recent hikes.
Meanwhile, the country’s civil and military leadership has stressed the need for national consensus and enhanced institutional coordination to navigate mounting energy challenges and geopolitical uncertainties.
