Finance Minister chairs meeting to monitor petroleum prices amid regional tension

ISLAMABAD, Jun 16 (APP/DNA):Minister for Finance and Revenue Senator Muhammad Aurangzeb on Monday chaired the inaugural meeting of  high-level committee formed to monitor petroleum prices amid regional tension, which conducted a detailed assessment of the global and domestic petroleum market situation.

In response to the evolving geopolitical situation following Israel’s recent attack on Iran and the resulting volatility in the international oil markets, the Prime Minister has constituted a high-level committee to monitor petroleum product pricing and supply dynamics, said a press release.

The committee is chaired by the Minister for Finance Muhammad Aurangzeb, and includes senior representatives from key federal ministries, regulatory authorities, and energy sector experts.

The formation of this committee reflects the government’s proactive approach to safeguarding national energy interests and ensuring market stability during a time of heightened international uncertainty.

The committee has been entrusted to closely monitor the forward/ futures prices of petroleum products and the predictability of supply chain in view of the current conflict in the region, besides determine forex implications of price volatility for the short and medium term.

The committee tasked to suggest a plan (if required) to ensure that there are no supply disruptions and the market is well supplied and carry out detailed analysis of the fiscal impact, in the event of a protracted conflict.

The committee expressed satisfaction that Pakistan currently holds adequate stocks of petroleum products and there is no immediate risk of supply disruption. Nonetheless, members emphasized the need for continued vigilance given the rapidly changing regional context.

To ensure timely response and effective coordination, a working group will monitor developments on a daily basis, and the full committee will meet weekly to review the situation and submit recommendations to the Prime Minister. The Petroleum Division has been designated to provide secretarial support and ensure effective implementation of the committee’s mandate.

The government remains fully committed to maintaining energy security, stabilizing markets, and protecting the national interest during this critical time.