A committee formed In response to the evolving geopolitical situation following Israel’s recent attack on Iran and the resulting volatility in the international oil markets held its first meeting on Monday, wherein it expressed satisfaction that Pakistan currently holds adequate stocks of petroleum products.

According to a Finance Division statement, the committee chaired by Finance Minister Muhammad Aurangzeb conducted a detailed assessment of the global and domestic petroleum market situation and noted that there is no immediate risk of supply disruption.

Nonetheless, the committee’s members emphasised the need for continued vigilance given the rapidly changing regional context.

To ensure timely response and effective coordination, a working group will monitor developments on a daily basis, and the committee will meet weekly to review the situation and submit recommendations to the prime minister.

The petroleum division has been designated to provide secretarial support and ensure effective implementation of the committee’s mandate, the statement added.

The prime minister had formed the committee to monitor petroleum product pricing and supply dynamics. Besides the finance minister, it also includes senior representatives from key federal ministries, regulatory authorities, and energy sector experts.

The Finance Division said 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 price of petroleum products and the predictability of supply chain in view of the current conflict in the region.

It will determine forex implications of price volatility for the short and medium term, 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 statement said the government remains fully committed to maintaining energy security, stabilising markets, and protecting the national interest during this critical time.

Global oil prices were volatile on Monday, after surging seven per cent on Friday, as renewed strikes by Israel and Iran over the weekend increased concerns that the battle could widen across the region and significantly disrupt oil exports from the Middle East, Reuters reported.

Brent crude futures were up 6 cents, or 0.08pc, to $74.29 a barrel, while US West Texas Intermediate crude futures gained 21 cents or 0.29pc, to $73.19. They had surged more than $4 a barrel earlier in the session and also fell into negative territory briefly.