Three petrol shipments expected on Monday: petroleum minister – Pakistan

Three shipments of oil are expected to arrive in Pakistan tomorrow (Monday), Oil Minister Ali Pervaiz Malik said at a briefing convened to discuss rising global oil prices and fuel reserves amid the growing conflict in the Middle East on Sunday.

The meeting attended by Finance Minister Muhammad Aurangzeb and Sindh Chief Minister Murad Ali Shah comes a day after Prime Minister Shehbaz Sharif directed finance and oil ministers to work with provincial governments on a strategy to conserve and ensure uninterrupted supply of petroleum products amid concerns over fuel shortages sparked by the Israel-Iran war.

The federal government delegation gave a detailed briefing to the CM of Sindh regarding the recent increase in fuel prices and stocks, according to a statement issued by CM House.

Finance Minister Aurangzeb told the meeting that Pakistan’s monthly oil import bill could rise to $600 million in the context of the conflict, adding that the government is continuously monitoring global energy markets and preparing alternative plans to deal with the financial impact of rising oil prices. Additionally, crude oil prices could rise to $120 a barrel if the conflict escalates further.

Diplomatic contacts are being made with Saudi Arabia, Oman and the United Arab Emirates for the supply of alternative fuel, the delegation said, noting that efforts are being made to ensure alternative fuel supply routes apart from the Strait of Hormuz. Due to Qatar’s declaration of force majeure, LNG supply disruptions are also expected, the Oil Minister added.

Malik said fuel-saving measures are necessary to make existing reserves last longer. In addition, he said, Pakistan would ask the International Monetary Fund for relief in oil tax.

The federal and provincial governments decided to increase coordination to prevent hoarding at petrol pumps, and Aurangzeb informed the meeting about a joint dashboard being prepared to monitor fuel stocks.

Emergency conservation measures were discussed and CM Shah stated that all the proposals discussed in the meeting would be presented to the cabinet for consideration.

The responsible use of energy and public cooperation are necessary, with the government’s main priority being the proper functioning of the economy, the Minister stated.

The federal and provincial governments decided to maintain close coordination to manage the energy situation.

Others attending the meeting included Additional Secretary Petroleum Division Zafar Abbas, Chief Executive Officer Oil and Gas Regulatory Authority Atif Sajjad, Director General Petroleum Division (Petroleum) Imran Ahmed, Member Oil and Gas Regulatory Authority (Petroleum) Zainul Abidin and Managing Director Sui Southern Gas Company Muhammad Amin and Muhammad Idrees.

“The nation must demonstrate resilience”

Punjab Chief Minister Maryam Nawaz on Sunday also reviewed the supply, demand and reserves of petroleum products in the province while meeting Finance and Petroleum Ministers. PTV News reported.

Agreement was reached to adopt a conservation policy to maintain the balance between demand and supply of petroleum products, with the Prime Minister emphasizing the need to ensure continuous supply of diesel for agricultural use.

CM Nawaz asserted that no one would be allowed to sell petroleum products above the prohibited prices anywhere in Punjab, adding that citizens should not have to stand in long queues at petrol pumps.

He called on “the entire nation to demonstrate resilience” to meet these challenges.

Participants in the meeting agreed to control oil reserves and ordered a strict fight against hoarding. District administrations of all districts were also directed to continuously monitor the supply of petroleum products, the report said.

The statement added that the Punjab Enforcement and Regulatory Authority (PERA) and the Transport Department have been instructed to monitor the situation and take action.

On Friday, the government increase petrol and high-speed diesel prices by Rs 55 per liter, the highest ever increase, as Pakistan felt the first direct economic impact of the crisis. War between the United States and Israel about Iran.

The ex-depot price of high-speed diesel has been fixed at Rs 335.86 per liter for next week, about 20 per cent higher than Rs 280.86 per litre. Similarly, the ex-depot price of petrol was revised to Rs 321.17 per liter from Rs 266.17 per litre, reflecting an increase of around 17 per cent.

Pakistan relies heavily on oil supplies passing through the Strait of Hormuz. The government made the decision to raise prices due to the disruption of cross-strait fuel supplies.

‘Economic burden on the public’: TTAP

The opposition alliance Tehreek Tahafuz Ayeen-i-Pakistan (TTAP) on Sunday called the oil price hike an “economic burden on the public.”

During a press conference in Islamabad, TTAP leaders demanded relief for citizens and restoration of democratic and judicial integrity.

TTAP leader Muhammad Zubair questioned why gasoline purchased at around $65 per barrel was sold to the public at prices equivalent to $90, claiming that the government would accrue approximately Rp110 billion from this decision.

He claimed that the Federal Board of Revenue (FBR) was “already facing a deficit of Rs 600 billion” and that if the government had properly managed economic affairs, it would have been able to provide relief to the people instead of increasing prices.

“Life has already become extremely difficult for motorcyclists and low-income people. An increase in gasoline prices will increase the cost of all goods and services, affecting all sectors of the economy. The poor cannot afford such an increase,” Zubair said.

He said the salaried class was being “forced” to pay taxes. On the other hand, he said the ruling elite continued to impose a burden on the public without making sacrifices.

“The government claims that the country is poor, but the lifestyle of the ruling class shows a different story,” he criticized.

He asked why fuel and other benefits and privileges of the bureaucracy had not been cut. The TTAP leader blamed Donald Trump for global instability and criticized the Pakistani government for nominating him for the Nobel Peace Prize.