ISLAMABAD: Prime Minister Shehbaz Sharif has constituted an 18-member high-level committee to assess the impact of surging international oil prices on Pakistan’s economy.
According to an official notification, Federal Minister for Finance Muhammad Aurangzeb will serve as the convener of the committee.
The body includes the Minister for Petroleum, Minister for Energy, Minister of State for Finance, secretaries of relevant ministries, the Governor of the State Bank of Pakistan, Chairman of the Federal Board of Revenue (FBR), Chairman of the Oil and Gas Regulatory Authority (OGRA), and other senior officials.
The move comes amid a sharp rise in global oil prices following Israeli and US military actions against Iran, escalating tensions in the region and raising concerns over energy supply disruptions.
The notification states that the committee will closely monitor the economic implications of the conflict on Pakistan, with particular focus on petroleum supply and pricing trends. It will formulate a comprehensive strategy to ensure uninterrupted petroleum supply across the country.
Furthermore, the committee has been tasked with evaluating the potential long-term economic impact in case the conflict prolongs, and to recommend policy measures to safeguard macroeconomic stability.
Global oil prices surge 10% following Israeli and US strikes on Iran
Global oil prices have climbed sharply following Israeli and US military strikes on Iran, triggering fresh concerns over energy supply disruptions in the Middle East.
According to international market reports, crude oil prices surged by nearly 10 percent after the attacks, pushing the benchmark price to around $80 per barrel.
Energy analysts warn that if the crisis continues or escalates further, global oil prices could spike to $100 per barrel, intensifying inflationary pressures worldwide and straining energy-importing economies.
Earlier this year, oil prices had already been on an upward trend, reaching approximately $73 per barrel amid geopolitical tensions and tightening supply conditions.
The latest escalation has added further volatility to global energy markets, raising fears of prolonged instability in oil-producing regions.
