Govt says petroleum stocks comfortable amid regional uncertainty

The government on Wednesday said petroleum stocks remain at comfortable levels despite an evolving regional situation, as a cabinet body reviewed supply chains and contingency plans to ensure uninterrupted availability across the country.

The Committee to Monitor Petrol Prices, constituted by Prime Minister Shehbaz Sharif, met at the Finance Division under the chairmanship of Finance Minister Muhammad Aurangzeb to assess the energy supply outlook.

According to a statement issued by the Finance Division, the committee conducted a detailed review of crude oil and refined product stocks, including petrol, diesel, aviation fuels and LPG, along with days of cover and daily consumption trends. Participants were informed that overall supply conditions remain stable.

The meeting also reviewed developments in global oil markets, including changes in benchmark prices, freight and insurance costs, and shipping route dynamics. The committee noted that the international energy environment remains fluid, particularly due to uncertainty surrounding the Strait of Hormuz and its potential impact on global energy trade.

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Members were briefed on LNG and LPG market conditions. Officials said LNG imports under long-term contracts remain a key component of Pakistan’s energy mix, though disruptions in regional shipping routes could affect global logistics. LPG inflows through cross-border channels are also being closely monitored to ensure steady domestic availability.

The committee discussed contingency measures to strengthen supply security, including engagement with international partners and exploring alternative sourcing routes. It was informed that diplomatic and commercial contacts with friendly countries and regional suppliers are ongoing to secure additional crude and petroleum supplies if required.

Efforts are also underway to diversify procurement through regional energy hubs, including possible arrangements via ports in the Red Sea and the Gulf region, to maintain refinery operations and enhance supply resilience.

As part of broader contingency planning, the committee reviewed energy conservation measures aimed at managing demand while maintaining orderly market conditions. It stressed that prudent energy use would bolster national preparedness if global uncertainties persist.

The finance minister said ensuring uninterrupted availability of petroleum products remains the government’s top priority and that developments are being monitored on a daily basis. He said authorities are ready to take timely and coordinated steps to safeguard energy security and maintain domestic market stability.

The committee also directed relevant authorities to prevent hoarding, diversion and smuggling of petroleum products, and to enhance coordination with provincial governments to protect domestic supplies.

It was decided that chief secretaries of all provinces will attend the next meeting to deliberate on a final summary and proposed national action plan. The committee will continue consultations to finalize a comprehensive national strategy in coordination with all stakeholders.

The meeting was attended by Petroleum Minister Ali Pervaiz Malik, National Food Security Minister Rana Tanveer Hussain, Power Minister Sardar Awais Ahmad Khan Leghari, and Minister of State for Finance Bilal Azhar Kayani, along with senior officials from relevant ministries and regulatory bodies.