Petroleum Minister Ali Pervaiz Malik on Sunday said three petrol cargoes are expected to arrive in Pakistan by Monday (today) amid concerns that rising tensions in the Middle East could affect fuel supplies in the country.
Participating in a meeting with senior Sindh officials, including Chief Minister Murad Ali Shah, to review the evolving regional situation and its possible impact on Pakistan’s energy supplies and economy, federal ministers Malik and Muhammad Aurangzeb gave a detailed briefing on rising global oil prices and the country’s fuel reserves.
During the meeting, officials warned that if the Middle East situation continues to escalate, the price of crude could surge to $120/barrel, putting additional pressure on the national economy. The participants also discussed emergency energy conservation measures aimed at managing fuel consumption and ensuring the continuity of economic activity.
The Sindh chief minister stressed on the need for responsible use of energy and public cooperation. He said the government’s priority was to keep the wheels of the national economy moving while managing the energy situation prudently. He further said proposals discussed in the meeting would be presented before the provincial cabinet for further deliberation and decision-making.
During the meeting, the finance minister said the federal government was closely monitoring global energy markets and preparing contingency plans to deal with the financial impact of rising oil prices. He said if crude oil prices surged significantly, Pakistan’s monthly oil import bill could increase by up to $600 million, putting pressure on the country’s external account.
The petroleum minister, meanwhile, said fuel conservation measures were essential to ensure that existing reserves lasted longer and remained available for essential sectors. He noted that Qatar had issued a force majeure declaration that could affect LNG supplies, raising further concerns about the country’s energy outlook.
The meeting was informed the federal government has intensified diplomatic engagement with Saudi Arabia, Oman and the United Arab Emirates to secure alternative fuel supplies through routes apart from the Strait of Hormuz. The participants also decided to strengthen coordination between federal and provincial authorities to prevent hoarding and ensure smooth fuel distribution nationwide.
The ministers further claimed they would seek relief in the petroleum levy during upcoming discussions with the International Monetary Fund (IMF) to reduce the financial burden on consumers.
Fuel conservation
In separate meeting with Punjab Chief Minister Maryam Nawaz, the two federal ministers discussed measures to maintain a balance between demand and supply. The meeting agreed to adopt a fuel conservation policy to maintain the equilibrium, with Nawaz stressing on ensuring uninterrupted supply of diesel for agricultural use.
The chief minister directed the district administration to continuously monitor petroleum supplies and ordered a strict crackdown on hoarding. She also instructed the Punjab Enforcement and Regulatory Authority and the Transport Department to closely monitor the situation and take action where necessary. She said the public should not have to stand in long queues at petrol pumps and ordered strict action against anyone selling petroleum products above officially notified prices.
Nawaz maintained the nation must demonstrate resilience to face emerging challenges, adding that timely decisions were essential to safeguard economic stability.