FinMin chairs oil price monitoring huddle

Minister for Finance and Revenue Senator Muhammad Aurangzeb on Monday chaired the inaugural meeting of a high-level committee established to monitor petroleum prices amid rising regional tensions. The committee conducted a comprehensive assessment of both 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, according to a press release issued by the ministry.

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 determining forex implications of price volatility for the short and medium term.

The committee has been 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 emphasised the need for continued vigilance given the rapidly changing regional context.