ISLAMABAD: A high-level meeting on Monday reviewed petroleum products prices and supply dynamics in response to the evolving geopolitical situation following Israel’s recent attack on Iran and the resulting volatility in the international oil markets.

The committee was constituted by Prime Minister Shehbaz Sharif with a task to monitor petroleum product pricing and supply dynamics. Finance Minister Muhammad Aurangzeb chaired the first meeting of the committee in the Finance Division.

An official announcement said that the committee meeting was attended by 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.

During the meeting, the members assessed the global and domestic petroleum market situation. The committee expressed satisfaction that Pakistan currently holds adequate stocks of petroleum products and there is no immediate risk of supply disruption.

However, 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 full committee will meet weekly to review the situation and submit recommendations to the prime minister.

The committee has been entrusted with the tasks 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. IT will also determine Forex implications of price volatility for the short and medium term.

According to the terms of reference (ToR) of the committee, it will 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 Petroleum Division has been designated to provide secretarial support and ensure effective implementation of the committee’s mandate.

The government remains fully committed to maintaining energy security, stabilising markets, and protecting the national interest during this critical time, added the announcement.

Published in Dawn, June 17th, 2025