A high-level committee formed to monitor petrol prices in the aftermath of heightened tensions in the Middle East was informed on Monday that national stocks of petroleum products were currently at “comfortable levels”.
In a post on X, the finance ministry said the committee was formed a day earlier by Prime Minister Shehbaz Sharif. It said that the committee met on Monday under the chairmanship of Finance Minister Muhammad Aurganzeb.
During the meeting, the committee “undertook a comprehensive stocktaking exercise and deliberated on all matters within its mandate”.
As per the finance ministry statement, the members reviewed trends in forward and futures prices of petroleum products, assessed the resilience of regional and international supply chains amid the evolving geopolitical environment, examined potential short and medium-term foreign exchange implications of price volatility.
They also evaluated measures to “prevent supply disruptions while ensuring uninterrupted domestic availability of petroleum products”. During the meeting, the fiscal impact resulting from a prolonged conflict also came under discussion, the ministry said.
“A detailed assessment of global oil market conditions was presented, including movements in international benchmarks, freight and insurance costs, shipping route dynamics, and alternate sourcing options,” the ministry said.
Additionally, supply and pricing scenarios came under discussion as well, “to ensure preparedness under different contingencies”. The committee was told that the national stocks of petroleum products were currently at “comfortable levels”, it added.
Meanwhile, the finance minister stressed that there was no “immediate supply stress”. He held that “maintaining market confidence and orderly conditions remains essential,” the ministry quoted him as saying.
The finance minister also stated that Pakistan’s energy supply chain remained “stable and fully functional”.
“The committee noted that closure of the Strait of Hormuz and tensions around strait of Babb Al-Mandeb are major challenges for global energy security,” the ministry said.
The committee cautioned that if the situation were to continue, “it may have implications for Pakistan’s energy supply chain”.
According to the ministry, the finance minister also said the committee was to “operate as a strategic governance forum to continuously monitor developments and undertake structured scenario planning”.
“He underscored that ensuring the availability of energy supplies across the country is the government’s primary objective and will remain the central driver of all decisions,” it said.
“He directed all relevant entities to intensify coordination, validate physical stock positions, closely track shipments and storage, and remain fully prepared to respond to emerging developments,” it further added.
The finance minister also said that “any decisions taken by the committee will be implemented with clarity and transparency”.
He gave assurances that any pricing implications resulting from international market movements, “where unavoidable, will be addressed through established mechanisms in a predictable and orderly manner to avoid distortions or abrupt adjustments”.
During the meeting, liquefied natural gas and liquefied petroleum gas supply positions, shipment schedules, terminal operations, and line pack considerations were reviewed as well.
“Relevant ministries were tasked with refining comparative scenario assessments, including economic and fiscal trade-offs associated with alternative fuel utilisation and demand management options,” the ministry said.
It was also decided that the committee will convene daily, with structured data consolidation followed by a formal review.
“This mechanism will enable real-time monitoring of international price movements, domestic stock levels, foreign exchange exposure, and supply chain developments,” the ministry said.
The finance minister assured the members that the government was “closely” monitoring the situation and had “proactive measures” in place.
According to the ministry, the finance minister also assured the public and market participants that there is no cause for concern.
“Energy supplies remain stable, governance mechanisms are fully operational, and comprehensive contingency planning is actively underway to safeguard national interests,” he was quoted as saying.
