Pakistan has established a high-level committee to address the surging oil prices and supply uncertainties triggered by recent military actions in the Middle East.

This strategic group, led by the Federal Minister for Finance, Muhammad Aurangzeb, convened for the first time today, aiming to stabilize the national petroleum market.

Amid escalating tensions following Israel”s attack on Iran, the international petroleum markets have experienced notable volatility, prompting concerns over the economic impact on oil-dependent economies. To counter potential disruptions and financial repercussions, Pakistan”s Prime Minister initiated this committee, which includes top officials from various federal ministries, regulatory bodies, and energy specialists.

The committee”s mandate is broad and crucial. They are tasked with monitoring real-time and future petroleum pricing and supply chain predictability, analyzing foreign exchange impacts, and formulating strategies to prevent market and supply disruptions. Additionally, they will assess the broader fiscal implications should the regional conflict extend.

During today”s session, the committee reviewed both global and domestic petroleum dynamics. They confirmed that Pakistan currently has sufficient petroleum reserves to withstand short-term disruptions. However, the committee members unanimously agreed on the necessity for ongoing vigilance and proactive measures in light of the unpredictable regional situation.

As part of their operational strategy, a dedicated working group will now track daily market and geopolitical developments. Weekly meetings are scheduled to ensure that the committee remains well-informed and prepared to advise the Prime Minister accordingly. The Petroleum Division has been tasked with providing necessary administrative support to facilitate the committee”s activities.

With these measures, the Government of Pakistan reaffirms its commitment to safeguarding national energy security and economic stability during these challenging times.