In light of escalating geopolitical tensions in the Middle East, Pakistan has established a high-level committee to oversee petroleum pricing and supply dynamics. The inaugural meeting was held on Monday under the chairmanship of Minister for Finance and Revenue, Senator Muhammad Aurangzeb.
According to a statement issued by the Ministry of Finance, the committee was constituted following the recent Israeli attack on Iran, which has triggered heightened volatility in global oil markets. The government’s move aims to safeguard national energy interests and ensure stability in the domestic petroleum market during this period of international uncertainty.
The committee includes senior officials from key federal ministries, regulatory bodies, and energy sector experts. During its first meeting, members conducted a thorough evaluation of global and domestic petroleum market conditions.
The primary mandate of the committee is to monitor forward and futures pricing trends of petroleum products, assess the predictability of the supply chain in the context of the ongoing regional conflict, and evaluate the foreign exchange implications of global oil price fluctuations in both the short and medium term.
Additionally, the committee has been instructed to develop contingency plans—if necessary—to prevent any supply disruptions and maintain adequate market supply. It will also carry out a detailed analysis of the fiscal impact in the event of a prolonged geopolitical crisis.
Committee members expressed satisfaction with the country’s current petroleum stock levels, noting that there is no immediate risk to supply continuity. However, they underscored the importance of sustained vigilance given the evolving regional situation.
The formation of this committee marks a proactive step by the government to navigate potential energy challenges and uphold market stability amid growing external pressures.
