All CSs to attend crucial meeting today: Petroleum reserves adequate, Senate panel told

ISLAMABAD: Federal Finance Minister Muhammad Aurangzeb on Wednesday assured a parliamentary panel that Pakistan has sufficient petroleum reserves, including 28 days’ supply of petrol and diesel, as the government intensifies monitoring amid evolving regional tensions and signals readiness to take swift decisions if needed.

The government has directed the Chief Secretaries of all four provinces to attend the high-level committee meeting scheduled for Thursday (Mar 5), where the final summary and a proposed national action plan will be taken up for deliberation and approval.

Briefing a meeting of the Senate Standing Committee on Finance, the minister said the country’s energy situation remains “comfortable” and is under daily review.

READ MORE: Cabinet committee to meet daily as govt tightens oversight of energy markets

Aurangzeb admitted that liquefied natural gas (LNG) imports from Qatar had been halted. However, he emphasised that the shortfall would be managed through increased utilisation of locally produced gas to ensure an uninterrupted supply.

“We have 28 days of stock for petrol and diesel. LNG is in a good position, crude oil is available for 10 days, and LPG stocks stand at 15 days,” Aurangzeb told the panel, chaired by Salim Mandviwala. The Finance Minister added that petroleum reserves are expected to remain sufficient until the end of March.

He said Prime Minister Shehbaz Sharif has constituted an 18-member high-level committee to monitor petroleum products — including crude oil, diesel, LNG, and LPG — on a daily basis. The committee is meeting every day to ensure swift decision-making amid the unfolding regional developments.

While noting that the situation has been evolving since last week due to regional conflict, the minister emphasized there is “no shortage of oil and gas in the country” and urged internal discipline to adopt energy conservation measures, like those implemented during the Covid-19 period.

He said the government is considering an energy conservation plan. “If regional tensions continue, we will take necessary steps to tackle their impact,” he added.

Aurangzeb also pledged optimum utilization of local oil and gas reserves, saying domestic gas fields would help meet demand where required.

Finance minister further informed the committee that engagements with the International Monetary Fund (IMF) are continuing on the third review of the Extended Fund Facility (EFF) and the second review of the Resilience and Sustainability Facility (RSF). He said there has been no change in the schedule until March 12 and described the discussions as constructive, terming the IMF mission’s departure an “institutional decision.”

The committee was further briefed on the government’s plan to reduce civil expenditures. Members were told that a comprehensive rightsizing exercise is underway to curb excessive spending, and the upcoming federal budget will reflect the outcome of these efforts.

Copyright Business Recorder, 2026