In a recent briefing given to the Senate Standing Committee on Finance regarding Pakistan’s fuel reserves, it has been said that the country’s crude oil reserves are available for only 10 days, while LPG and LNG reserves can last for 15 days. This revelation has come at a time when tensions are increasing between the United States, Israel and Iran at the global level.
Finance Minister Muhammad Aurangzeb said that oil supply may be affected due to global uncertainty, but there is no emergency in the country at the moment. He clarified that no decision has been taken on fuel rationing, as the existing reserves are meeting the requirements.
He warned that if the conflict continues, the supply chain could be affected, which could lead to difficulties for the country. He advised citizens to be cautious and economical in their fuel consumption.
The finance minister revealed that some cargo shipments have been stopped in Qatar, but the government is trying to manage the situation by increasing production from local gas fields. The Finance Ministry has decided to hold daily meetings to monitor fuel reserves and global prices.
He added that after the closure of the Strait of Hormuz, Pakistan has requested Saudi Arabia provide oil through an alternative route to secure the country’s supply chain.
On the other hand, State Bank of Pakistan Governor Jamil Ahmed has warned that the price of oil in the global market could reach $100 per barrel. If this happens, Pakistan’s external accounts could come under severe pressure, and the value of the rupee could be affected.
Experts say that since Pakistan depends on imports for its energy needs, the increase in global prices directly affects the country’s economy. Rising oil prices not only increase import bills but also increase transport and electricity costs, which in turn affects inflation.
Government sources say that the situation is being constantly monitored and proactive measures are being taken to deal with any emergency. However, in the context of global tensions, only caution and effective strategies can protect the country’s economy from possible shocks.
