- Govt plans energy conservation as oil prices surge.
- Pakistan may face $600m rise in monthly oil import bill.
- Oil prices may hit $120 if conflict escalates: officials.
Petroleum Minister Ali Pervaiz Malik said three petrol cargoes are expected to arrive in Pakistan by Monday amid concerns that rising tensions in the Middle East could affect fuel supplies in the country.
The minister made the statement during a meeting to review the evolving regional situation and its possible impact on Pakistan’s energy supplies and economy.
The meeting was attended by Sindh Chief Minister Murad Ali Shah, Finance Minister Muhammad Aurangzeb, Petroleum Minister Ali Pervaiz Malik, Sindh Home Minister Ziaul Hassan Lanjar, Chief Secretary Asif Hyder Shah, Secretary Energy Shuhab Ansari and other officials.
The federal government raised petrol and diesel prices by Rs55 per litre as surging global oil prices, fuelled by the US‑Israel war with Iran, put pressure on domestic energy costs.
The meeting, held at the CM House in Karachi, was given a detailed briefing on rising global oil prices and the country’s fuel reserves.
The officials warned that if the Middle East conflict escalates further, crude oil prices could reach $120 per barrel, putting additional pressure on Pakistan’s economy. The participants also discussed emergency energy conservation measures aimed at managing fuel consumption and ensuring the continuity of economic activity.
Speaking on the occasion, Sindh chief minister emphasised the need for responsible use of energy and public cooperation. He said the government’s priority was to keep the wheels of the national economy moving while managing the energy situation prudently.
The chief minister said the proposals discussed in the meeting would be presented before the cabinet for further deliberation and decision-making.
FinMin told the meeting that the federal government was closely monitoring global energy markets and preparing contingency plans to deal with the financial impact of rising oil prices.
He added that if crude oil prices surged significantly, Pakistan’s monthly oil import bill could increase by up to $600 million, putting pressure on the country’s external account.
Petroleum Minister Malik said fuel conservation measures were essential to ensure that existing reserves lasted longer and remained available for essential sectors.
The meeting was informed that three petrol cargoes were expected to reach Pakistan by Monday.
The meeting was also informed that Qatar had issued a force majeure declaration that could affect LNG supplies, raising further concerns about the country’s energy outlook.
The participants were informed that the federal government had also intensified diplomatic engagement with Saudi Arabia, Oman and the United Arab Emirates to secure alternative fuel supplies through routes outside the Strait of Hormuz.
The meeting also decided to strengthen coordination between federal and provincial authorities to prevent hoarding and ensure smooth fuel distribution across the country.
The federal ministers-led delegation also informed the meeting that the govt would seek relief in the petroleum levy during upcoming discussions with the International Monetary Fund to reduce the financial burden on consumers.
The participants agreed to maintain close coordination between the federal and provincial governments to effectively manage the evolving energy situation and safeguard the country’s economic stability.
