Government Reviews Fuel Situation Amid Rising Global Oil Prices
Pakistan is expecting three petrol cargoes to arrive in the country by Monday as authorities closely monitor the impact of Middle East tensions on energy supplies. The announcement was made by Ali Pervaiz Malik during a high-level meeting on the country’s fuel situation.
The meeting focused on the evolving regional conflict and its possible impact on Pakistan’s energy security and economy. Officials discussed how rising global oil prices could affect fuel availability and the national budget.
The session was held at the Chief Minister House in Karachi. It was attended by several senior government officials and ministers.
Among those present were Murad Ali Shah and Muhammad Aurangzeb. Other participants included provincial ministers and senior bureaucrats responsible for energy and economic planning.
Officials received a detailed briefing on global oil market trends. They were also informed about Pakistan’s current fuel reserves and supply chain situation.
The meeting took place after the federal government recently raised petrol and diesel prices by Rs55 per litre. Authorities said the increase was driven by rising international oil prices caused by conflict involving the United States, Israel and Iran.
Oil Prices Could Reach $120 Per Barrel, Officials Warn
During the meeting, officials warned that crude oil prices could rise further if the Middle East conflict escalates.
They said global oil prices could potentially reach $120 per barrel in the coming weeks. Such an increase would place significant financial pressure on Pakistan’s economy.
According to government estimates, a sharp rise in crude oil prices could increase Pakistan’s monthly oil import bill by up to $600 million.
Finance Minister Muhammad Aurangzeb told participants that the government is closely monitoring international energy markets. He said authorities are preparing contingency plans to handle the financial impact of higher oil prices.
Officials also discussed the need for emergency energy conservation measures. These measures are aimed at reducing fuel consumption while maintaining essential economic activities.
Petroleum Minister Ali Pervaiz Malik said fuel conservation will help extend the country’s existing reserves. He stressed the importance of ensuring fuel availability for essential sectors.
The meeting was also informed that three petrol cargo shipments are expected to reach Pakistan by Monday. Authorities believe these deliveries will help stabilise supply in the short term.
Government Seeks Alternative Energy Routes and Stronger Coordination
Participants also discussed challenges related to global energy supply chains. Officials said Qatar had declared force majeure, which could potentially affect liquefied natural gas supplies.
This development has raised concerns about Pakistan’s broader energy outlook. Authorities are therefore exploring alternative supply options.
Government representatives said Pakistan has intensified diplomatic engagement with regional partners. These include Saudi Arabia, Oman and the United Arab Emirates.
The aim is to secure alternative fuel supplies through routes that bypass the strategically important Strait of Hormuz.
Officials also agreed to strengthen coordination between federal and provincial authorities. The goal is to prevent fuel hoarding and ensure smooth distribution across the country.
Sindh Chief Minister Murad Ali Shah emphasised the need for responsible energy use. He called on the public to cooperate with the government during the current situation.
He said the government’s priority is to keep economic activity running while managing the energy crisis carefully.
Officials also discussed the possibility of seeking relief in the petroleum levy during upcoming talks with the International Monetary Fund.
The proposal aims to reduce the financial burden on consumers if global oil prices continue to rise.
Participants agreed that close coordination between federal and provincial governments will be essential. They said joint efforts are needed to manage the evolving energy situation and protect the country’s economic stability.
