Prime Minister Shehbaz Sharif on Monday constituted a high-level committee led by Finance Minister Muhammad Aurangzeb to monitor petroleum product pricing and supply dynamics in light of the evolving geopolitical situation following Israel’s attack on Iran and the resulting volatility in the international oil markets.
The committee includes senior representatives from key federal ministries, regulatory authorities, and energy sector experts. In a statement, the finance ministry said its formation reflects the government’s proactive approach to safeguarding national energy interests and ensuring market stability during a time of heightened international uncertainty.
The premier has tasked the committee with closely monitoring the forward/ futures prices of petroleum products, and the predictability of supply chain in view of the current conflict in the region. It would also determine forex implications of price volatility for the short and medium term and suggest a plan, if required, to ensure there are no supply disruptions, and the market is well supplied. The committee would further conduct a detailed analysis of the fiscal impact in the event of a protracted conflict.
In its inaugural meeting, the committee conducted a detailed assessment of the global and domestic petroleum market situation. Expressing satisfaction that Pakistan currently holds adequate stocks of petroleum products and there is no immediate risk of supply disruption, it has emphasized the need for continued vigilance given the rapidly changing regional context.
To ensure timely response and effective coordination, a working group would monitor developments daily, and the full committee would meet weekly to review the situation and submit recommendations to the prime minister.
The Petroleum Division has been designated to provide secretarial support and ensure effective implementation of the committee’s mandate. The Government of Pakistan remains fully committed to maintaining energy security, stabilizing markets, and protecting the national interest during this critical time.