By Staff Reporter
ISLAMABAD: The government said on Monday that the country has secured its March fuel requirements and has supply coverage extending into mid-April, easing concerns over potential shortages triggered by conflict in the Middle East.
The assurance came from a high-level committee monitoring petrol prices after the government raised prices of both petrol and high-speed diesel by Rs55 a liter to manage the crunch from disrupted imports. Finance Minister Muhammad Aurangzeb chaired the meeting at the Finance Division in Islamabad, where officials reviewed national inventories, import plans and logistics.
Officials briefed the meeting that overall stock levels and scheduled imports provide comfortable inventories of crude oil and key petroleum products for March, with planning sufficient to maintain availability in April. Efforts are underway to extend coverage toward the end of the month through current cargo arrangements, according to a Finance Division statement.
The committee, which conducts daily reviews of the energy sector amid regional tensions, emphasised diversifying supply sources to build resilience. Procurement strategies are shifting to broaden sourcing from international markets and reduce dependence on any single route, strengthening energy security, the statement said.
Aurangzeb reassured that the government is fully focused on ensuring uninterrupted availability of petroleum products and that current stocks and outlook are stable. He said there’s no basis for panic buying or unnecessary stockpiling of fuel. The panel directed authorities, working with the Oil and Gas Regulatory Authority and provincial governments, to monitor stocks closely and crack down on hoarding. Any attempts to create artificial shortages will face strict legal action.
Attending the session were Petroleum Minister Ali Pervaiz Malik, Maritime Affairs Minister Muhammad Junaid Anwar Chaudhry, State Bank of Pakistan Governor Jameel Ahmad and other senior officials.
Separately, Prime Minister Shehbaz Sharif reviewed the situation and said the government remains fully prepared to handle the challenges, state broadcaster PTV reported. He credited timely actions by a special committee for maintaining adequate petroleum product quantities and said work is progressing on further austerity and relief measures.
Sharif directed fuel distribution companies to sell at government-mandated rates. Consumers can now use the PAK App to report fuel unavailability or overpricing. Economic stability and public relief are top priorities, he said. The government is working on a package to provide relief to motorcycle and rickshaw owners.
Earlier Monday, the Senate Standing Committee on Petroleum was told Pakistan holds petrol stocks sufficient for 27 days and high-speed diesel for 21 days. Petroleum Secretary Hamed Yaqoob Sheikh also reported jet fuel reserves for 14 days, crude oil for 11 days and liquefied natural gas for nine days. Seventy percent of Pakistan’s petrol imports come from the Middle East, where ship movements have been suspended, driving up prices, Sheikh told the committee chaired by Senator Manzoor Ahmed. The price of high-speed diesel has surged from $88 to $187, while petrol rose from $74 to $130, he said. The government has allowed imports of oil below Euro 5 standards and is working to utilize existing reserves more effectively. Two Pakistani ships are currently stuck in the Strait of Hormuz.
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