ISLAMABAD (HRNW): In response to escalating Middle East tensions and the closure of the Strait of Hormuz, the Government of Pakistan is considering emergency measures to stabilize the domestic energy market. During a high-level meeting chaired by Federal Finance Minister Muhammad Aurangzeb, officials proposed shifting from a fortnightly to a weekly review of petroleum prices to better align with rapid fluctuations in the global market and discourage speculative hoarding. The meeting addressed the impact of regional instability on oil shipments and rising import costs, with the committee reassuring the public that Pakistan currently maintains adequate fuel reserves—estimated at approximately 28 days. To ensure an uninterrupted supply chain, Pakistan State Oil (PSO) has already issued new import tenders for petrol and diesel from sources outside the Gulf, while provincial authorities have been directed to strictly monitor retail stations and crack down on hoarding and smuggling. Additionally, to reduce the national fuel bill, the government is exploring a “National Action Plan for Energy Conservation” that includes proposals for mandatory work-from-home policies for both public and private sectors and a potential shift to online classes for educational institutions throughout March. These various proposals will be presented to the Economic Coordination Committee (ECC) for final approval, with officials emphasizing that while there is no immediate shortage, prudent energy use is critical as global oil prices remain volatile and domestic hikes of up to Rs 25 per litre for petrol and Rs 50 for diesel are anticipated if current trends persist.
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