Govt says petroleum stocks comfortable as cabinet body reviews energy contingency plans

The federal government on Wednesday said petroleum product stocks remain at comfortable levels despite evolving regional tensions, as a cabinet committee reviewed supply chains and contingency planning to ensure uninterrupted nationwide availability.

The Committee to Monitor Petrol Prices, constituted by Prime Minister Shehbaz Sharif, met at the Finance Division under the chairmanship of Finance Minister Muhammad Aurangzeb to assess the country’s energy supply outlook.

According to a statement issued by the Finance Division, the committee conducted a comprehensive review of crude oil and refined product inventories, including petrol, diesel, aviation fuels and liquefied petroleum gas, alongside days of cover and daily consumption patterns. Officials informed participants that overall supply conditions remain stable.

The committee also examined developments in global oil markets, including movements in benchmark prices, freight and insurance costs, and shipping route dynamics. It noted that the international energy environment remains fluid, particularly amid uncertainty surrounding the Strait of Hormuz and its potential implications for global energy trade.

Members were briefed on liquefied natural gas and LPG market conditions. Officials said LNG imports under long-term contracts continue to form a central component of Pakistan’s energy mix, though disruptions to regional shipping routes could influence global logistics. LPG inflows through cross-border channels are being closely monitored to maintain steady domestic supplies.

To strengthen supply resilience, the committee discussed contingency measures, including engagement with international partners and exploration of alternative sourcing routes. Diplomatic and commercial contacts with friendly countries and regional suppliers are ongoing to secure additional crude and petroleum volumes if required.

Officials said efforts are underway to diversify procurement through regional energy hubs, including potential arrangements via ports in the Red Sea and the Gulf region, to sustain refinery operations and reinforce supply security.

As part of broader preparedness efforts, the committee reviewed energy conservation initiatives aimed at managing demand while preserving orderly market conditions. It observed that prudent energy use would enhance national readiness should global uncertainties persist.

The finance minister said uninterrupted availability of petroleum products remains the government’s top priority and that developments are being monitored daily. Authorities, he added, stand ready to take timely and coordinated measures to safeguard energy security and maintain domestic market stability.

The committee directed relevant authorities to prevent hoarding, diversion and smuggling of petroleum products and to strengthen coordination with provincial governments to protect domestic supplies.

It was decided that chief secretaries of all provinces will attend the next meeting to deliberate on a final summary and a proposed national action plan. The committee will continue consultations to finalize a comprehensive national strategy in coordination with stakeholders.

The meeting was attended by Petroleum Minister Ali Pervaiz Malik, National Food Security Minister Rana Tanveer Hussain, Power Minister Sardar Awais Ahmad Khan Leghari and Minister of State for Finance Bilal Azhar Kayani, along with senior officials from relevant ministries and regulatory bodies.