Pakistan maintains comfortable level of fuel stocks for March, committee told

ISLAMABAD: The country maintains a “comfortable” level of fuel stocks for March, a meeting of a committee tasked with monitoring petrol prices was informed on Monday, the Finance Ministry said.

The development comes as the government announced a Rs55 per litre hike in the prices of both petrol and high-speed diesel amid the ongoing Middle East conflict, which has resulted in a fuel crunch.

As per a press release by the ministry, the committee met at the Finance Division in Islamabad today, under the chairmanship of the Finance Minister Muhammad Auragzeb, as part of its “daily review” of the energy sector amid tensions in the Middle East.

The committee was briefed on the “national inventory of crude oil and refined petroleum products, “ongoing import arrangements, and supply chain logistics.

During the meeting, the committee was informed that the country “remains adequately positioned in terms of fuel availability, with March requirements fully secured”.

As per the Finance Division, “based on current cargo planning and supply arrangements, coverage is available up to mid-April”.

The committee was told that efforts were being taken to “extend coverage towards the end of April”.

It was said that, as per the overall stock levels and scheduled imports, the country has “comfortable inventories of crude oil and key petroleum products for March, with sufficient planning in place to ensure continued availability during April”.

During the meeting, “procurement patterns and maritime logistics” were reviewed as well. As per the statement, the committee stressed the need for “further diversifying sources of supply to enhance resilience of the national energy supply chain”.

The committee was further informed that “procurement strategies are already moving towards greater diversification, with efforts underway to broaden sourcing from the international market and reduce reliance on any single corridor, thereby strengthening Pakistan’s overall energy security”.

The finance minister gave reassurance that the government remained “fully focused on ensuring uninterrupted availability of petroleum products across the country,” adding that the “current stock position and supply outlook remain stable”.

He stressed that “there is no basis for panic buying or unnecessary stockpiling of fuel”. The committee also directed relevant authorities — in coordination with OGRA and provincial governments — to “closely monitor stock levels and market activity to check any incident of hoarding”.

“It was emphasised that any attempts to create artificial shortages or disrupt normal supply would be dealt with strictly in accordance with the law,” the statement read.

In attendance at the meeting were: Minister for Petroleum Ali Pervaiz Malik, Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry, the Governor State Bank of Pakistan Jameel Ahmad, and other relevant officials.

Earlier, a meeting of the Senate Standing Committee on Petroleum was told by Petroleum Secretary Hamed Yaqoob Sheikh that Pakistan has sufficient petrol reserves for 27 days and diesel reserves for 21 days.

The standing committee was chaired by Senator Manzoor Ahmed.

The secretary said that jet fuel (JP1) reserves were available for 14 days, crude oil reserves for 11 days and liquefied natural gas (LNG) reserves for nine days. Staff Report