Government says fuel stocks remain sufficient as rising oil prices prompt contingency planning
ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif on Thursday ordered federal and provincial authorities to launch a strict crackdown on the hoarding of petroleum products as renewed military exchanges between Iran and the United States drove international oil prices higher and heightened concerns over Pakistan’s economic outlook.
Chairing a high-level meeting to assess the impact of regional tensions on the country’s economy, Shehbaz directed relevant authorities to remain fully prepared for any potential challenges, saying uncertainty surrounding the regional situation continued to persist.
The prime minister said Pakistan’s economy had remained stable despite the evolving geopolitical environment but stressed the need for a comprehensive contingency strategy to ensure a swift government response if conditions worsen.
Shehbaz instructed federal and provincial administrations to work closely to prevent artificial shortages of petroleum products, warning that hoarding and profiteering would not be tolerated. He ordered strict enforcement measures against those involved in stockpiling fuel to manipulate market supplies.
The meeting reviewed the government’s austerity and cost-saving measures, with officials briefing the prime minister on steps being taken to safeguard economic stability amid rising global energy prices.
Shehbaz praised the public for supporting the government’s previous austerity campaign and thanked citizens for cooperating with national efforts to conserve fuel and energy.
He said timely government interventions had helped maintain uninterrupted petroleum supplies across the country while protecting ordinary consumers, including motorcycle riders, rickshaw drivers and public transport operators, from the full impact of higher international oil prices.
The prime minister added that targeted government subsidies had helped ease the burden of rising fuel costs and reiterated that authorities must remain vigilant to prevent supply disruptions.
Warning that escalating geopolitical tensions could create additional risks for Pakistan’s economy, Shehbaz called on the public to once again demonstrate the same spirit of economic discipline shown during earlier austerity initiatives.
Officials informed the meeting that Pakistan currently has adequate petroleum product inventories to meet domestic demand and that arrangements are in place to ensure uninterrupted fuel supplies in the coming weeks.
The meeting was attended by Finance Minister Muhammad Aurangzeb, Petroleum Minister Ali Pervaiz Malik, Power Minister Owais Leghari, Minister of State Bilal Azhar Kayani, Special Assistant to the Prime Minister Tariq Bajwa, State Bank of Pakistan Governor Jameel Ahmad, Ahsan Khan Cheema and other senior government officials.