PM forms committee to monitor petroleum pricing, supply dynamics

ISLAMABAD: Prime Minister Shehbaz Sharif has constituted a high-level committee to monitor petroleum product pricing and supply dynamics amidst the evolving geopolitical situation following Israel’s recent attack on Iran and the resulting volatility in the international oil markets.

According to a Finance Ministry’s statement, the committee is chaired by Finance Minister Muhammad Aurangzeb, and includes 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,” the statement reads.

According to the ministry, the committee would:

1. Closely monitor the forward/ futures prices of petroleum products and the predictability of supply chain in view of the current conflict in the region;
2. Determine Forex implications of price volatility for the short and medium term;
3. Suggest a plan (if required) to ensure that there are no supply disruptions and the market is well supplied;
4. Carry out detailed analysis of the fiscal impact, in the event of a protracted conflict.

The committee held its inaugural meeting Monday, under the chairmanship of the finance minister.

During the meeting, the members conducted a detailed assessment of 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. Nonetheless, members emphasized the need for continued vigilance given the rapidly changing regional context.

The statement further added that 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 Honourable Prime Minister.

Calculate your income tax with tax calculator according to budget 2025-26

Moreover, the Petroleum Division has been designated to provide secretarial support and ensure effective implementation of the committee’s mandate.

The ministry reiterated that the government remains fully committed to maintaining energy security, stabilizing markets, and protecting the national interest during this critical time.

Petrol prices up by Rs4.80 per litre

Earlier on Monday, the government hiked up petrol prices by Rs4.80 per litre for the next 15 days.

According to a Finance Division notification, the new petrol price stands at Rs262.59 per litre, up from Rs257.79. High-speed diesel had also been increased by Rs7.95 per litre, bringing it to Rs258.43 from the previous Rs250.48.

Just a fortnight ago, the government had raised petrol prices by RS 1, as global markets remained largely steady. This time, however, prices are reacting to growing fears of a prolonged Middle East conflict.