ISLAMABAD: A parliamentary panel was informed on Monday that the country has fuel reserves sufficient for 27 days and high-speed diesel (HSD) stocks adequate for 21 days to meet domestic demand.
Petroleum Secretary Hamed Yaqoob Sheikh revealed this while briefing the Senate Standing Committee on Petroleum.
Senator Manzoor Ahmed chaired the meeting. The committee reviewed the oil and gas situation in the wake of the US-Israel war against Iran.
The secretary said that 70 percent of petrol comes from the Middle East, and due to the suspension of the shipping line, it is not only affecting the supply chain but also increasing the domestic prices.
READ MORE: Petrol price committee reports comfortable fuel reserves amid regional volatility
Jet fuel (JP1) reserves are available for 14 days, crude oil reserves for 11 days, and liquefied natural gas (LNG) reserves for nine days. In addition, the import of oil of quality below the Euro 5 standard had now been permitted, he maintained.
He further said that the price of HSD has increased from USD 88 to USD 187, and the price of petrol has increased from USD 74 to USD 130 since the war started in the Middle East.
The secretary maintained that a ministerial committee under the Prime Minister has been established, which is reviewing the availability of petroleum products in the country daily.
Responding to Senator Manzoor Ahmed’s allegation that the entire benefit was passed on to oil marketing companies, the secretary said that the price hike had been adopted to stop the hoarding of petroleum, and this did not benefit oil marketing companies as they continued to import oil to maintain their mandatory stocks despite the increase in prices.
Responding to Senator Hidayatullah about petroleum product prices before March 7 and the extent of their increase, the officials of the Oil and Gas Regulatory Authority (OGRA) said that diesel prices had risen by 100 percent, while petrol had increased by 70 percent.
The petroleum secretary added: “the government is working on a package to provide relief to motorcycles and rickshaws” and that they have taken measures which would “provide relief to the people”.
Officials of the Petroleum Division further said that there were two agreements in place for importing LNG from Qatar. LNG supply from Qatar has been completely stopped since March 2. “Eight cargoes were scheduled to arrive in March, of which only two arrived, they said.
Officials presented an emergency gas supply plan for March 2026 during the committee briefing. They said local gas production has been increased to partially offset the disruption in imported LNG supplies.
According to the DG Liquefied Gas, gas demand has not yet exceeded electricity generation needs, but the situation may become more challenging in the coming weeks.
The officials added that Sui Southern Gas Company had cut gas supply to a fertiliser plant by 50pc, and gas supply to the power sector had been reduced from 300 million cubic feet per day (MMCFD) to 130 MMCFD.
Officials said LNG would not be available in the country after April 14, and the power sector’s gas requirements would not be met in April, adding that the sector’s needs would be met from other sources. They further said that gas would be supplied to domestic consumers, while LNG could be purchased from the State Oil Company of the Azerbaijan Republic (SOCAR). However, spot purchases would cost USD 24 per unit, while gas from Qatar is available at USD 9 per unit, they added.
Copyright Business Recorder, 2026
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