Finance Minister Muhammad Aurangzeb on Thursday said that ensuring uninterrupted availability of petroleum products across the country is government's top priority.
The finance czar made the remarks while chairing a meeting of the committee to monitor petrol prices in the wake of the emerging situation in the region, constituted by Prime Minister Shehbaz Sharif, in Islamabad today.
The committee was briefed that national reserves remain at comfortable levels, with sufficient cover available for key products, and that there is no immediate cause for concern regarding the availability of petroleum products.
It reviewed multiple supply and pricing scenarios to ensure preparedness under different contingencies and to maintain stability in domestic energy supplies.
The committee will finalise its recommendations by tomorrow for onward submission to the prime minister.
It will continue to meet on a daily basis to monitor developments, review stock positions and supply chain movements, and ensure timely execution across all stakeholders.
The committee also noted that “war premium” dynamics and intensified competition for energy cargoes, particularly in Asian markets, could raise external account pressures if volatility persists.
The body reviewed ongoing efforts to strengthen supply assurance through diversified sourcing and logistics arrangements.
The committee also considered shipping and operational measures to reduce time lags, including facilitation of timely berthing and the use of available national shipping capacity where feasible.
To safeguard orderly market conditions, the committee discussed measures to deter hoarding, illegal storage, and diversion, including coordinated enforcement actions by provincial administrations in close collaboration with the Ogra and relevant agencies.
The committee emphasised that preventing outward smuggling and ensuring uninterrupted domestic distribution will remain a top operational priority, and that real-time field intelligence and strict action against violations will be maintained.
Separately, the Oil and Gas Regulatory Authority (Ogra) has warned of strict action against any individual or entity found involved in the illegal hoarding of petroleum products at unauthorised locations, particularly at places other than duly licensed oil depots and retail outlets of Oil Marketing Companies (OMCs).
In a statement, an Ogra spokesperson said: “Any premises found involved in the illegal storage of petroleum products will be sealed.”
The spokesperson assured the public that the country currently holds sufficient stocks of petroleum products to meet national demand and that there is no need for panic buying or hoarding.
In view of the prevailing geopolitical situation, the official said that the authorities are closely monitoring the petroleum supply chain to ensure the uninterrupted availability of products across the country.
“The existing stock position remains comfortable and well within the prescribed requirements,” read the statement.
Reports have indicated that certain elements may attempt to hoard petroleum products for profiteering under such circumstances, the spokesperson said, adding: “To curb such practices, all provincial chief secretaries have been requested to direct deputy commissioners (DCs) to conduct inspections within their respective jurisdictions.”
Meanwhile, teams of Ogra are actively monitoring the situation in the field, the official added.
Inspections are being carried out at oil depots and retail outlets to ensure the smooth supply of petroleum products and to prevent any malpractice, read the statement.
Ogra advised the public not to pay attention to rumours and to maintain normal consumption patterns, as the petroleum supply situation in the country remains stable.
