ISLAMABAD, Jun 16 (Alliance News): In light of growing regional tensions and international oil market volatility, Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Monday chaired the inaugural meeting of a newly formed high-level committee tasked with monitoring petroleum prices and ensuring national energy security.
The committee was established on the directive of Prime Minister Shehbaz Sharif following the recent Israeli attack on Iran, which has sparked concern over global oil supply stability and price fluctuations.
According to an official press release, the committee comprises senior representatives from key federal ministries, regulatory bodies, and energy sector experts.
It is responsible for closely monitoring global petroleum trends, futures prices, supply chain forecasts, and the financial implications of oil price volatility on Pakistan’s economy.
The committee will also assess potential foreign exchange impacts in the short and medium term, develop contingency plans to avoid supply disruptions, and conduct fiscal impact analyses should the geopolitical crisis persist.
During its first session, members expressed satisfaction that Pakistan currently maintains sufficient petroleum reserves and faces no immediate threat of supply shortages. However, they stressed the importance of vigilance and preparedness in a rapidly evolving regional scenario.
A working group has been established to monitor developments on a daily basis, while the full committee will meet weekly to review market conditions and submit its recommendations to the Prime Minister. The Petroleum Division will serve as the committee’s secretariat, ensuring coordinated and timely action.
The government reiterated its commitment to stabilizing domestic energy markets and protecting national economic interests amid global uncertainties.
