Gulf war: govt says country has ample fuel
Minister of State for Finance Ali Pervaiz Malik.
The government has assured the nation that Pakistan holds ample crude and petroleum product stocks, and there is no cause for panic despite the emerging security situation in the Gulf region.
The assurance came during a high-level meeting jointly chaired by Federal Minister for Petroleum Ali Pervaiz Malik and Federal Minister for Finance Muhammad Aurangzeb on Saturday.
The meeting reviewed the country's fuel supply position in the wake of the US-Iran war, which is going to affect regional shipping routes, particularly around the Strait of Hormuz.
The session was attended by senior officials of the Petroleum Division, the governor of the State Bank of Pakistan, and the member oil from the Oil and Gas Regulatory Authority (OGRA).
Top leadership of major refineries including Pak-Arab Refinery Company, Cnergyico, Pakistan Refinery Limited (PRL), National Refinery Limited (NRL), and Pakistan State Oil, along with representatives of the Oil Companies Advisory Council also attended the meeting.
According to officials present at the meeting, the State Bank governor assured that there would be no delays in oil-related payments, enabling refineries and oil marketing companies to continue smooth import operations.
The PRL and Pak-Arab Refinery Company (PARCO) informed the meeting that they face certain logistical challenges in crude procurement due to the evolving Hormuz situation, both companies confirmed they currently have sufficient crude stocks and expect only minor delays, if any.
Cnergyico told the meeting it has one million barrels of US crude already at its port, with an additional two million barrels expected to arrive in March through routes that do not pass via the Strait of Hormuz. The NRL said it is sourcing crude from Fujairah and does not foresee any supply disruption.
Officials further stated that finished petroleum product stocks in the country are sufficient for more than one month. Major oil marketing companies confirmed that supply chains remain intact and there is no shortage situation.