Pakistan currently holds petroleum reserves sufficient for only a limited number of days, the secretary of petroleum informed a meeting of the Senate Standing Committee on Petroleum in Islamabad on Monday, while assuring lawmakers that fuel products remain available across the country.
During a detailed briefing on the country’s petroleum situation, the Senate committee was told that Pakistan has petrol reserves for 27 days, high-speed diesel stocks for 21 days, jet fuel (JP-1) reserves for 14 days, crude oil reserves for 11 days and liquefied petroleum gas (LPG) stocks for only nine days.
According to the 24NewsHD TV channel, the secretary assured the committee that despite these figures, petroleum products are available nationwide and the country still maintains 11 days of crude oil reserves.
Providing further details, the official reiterated that the country currently possesses petrol stocks for 27 days, diesel reserves for 21 days and LPG supplies sufficient for nine days.
During the meeting, Senator Manzoor Ahmed strongly questioned the government’s decision to raise petroleum prices despite the existence of 28 days of reserves. “If the country had reserves for 28 days, why were prices increased?” he asked.
Responding to the criticism, the Secretary of Petroleum explained that the price hike was linked to difficulties in the movement of oil tankers and disruptions in supply routes.
He added that a ministerial committee formed by the prime minister is reviewing the petroleum situation on a daily basis to ensure uninterrupted supply.
The secretary further informed the Senate committee that tensions in the Middle East have affected petroleum supplies, noting that nearly 70 percent of Pakistan’s petroleum imports originate from the region. He said shipping movement has currently been disrupted, complicating the delivery of oil consignments.
He also highlighted the sharp rise in global fuel prices, stating that the price of high-speed diesel has surged from 88 dollars per barrel to 187 dollars, while petrol prices have climbed from 74 dollars to 130 dollars per barrel.
The secretary noted that oil shipments from Arab countries usually reach Pakistan within four to five days. However, due to the current situation, the government has also allowed the import of fuel below Euro-5 quality standards to ensure supply continuity.
Despite the price increase, he reiterated that petrol remains available throughout the country and that the government is closely monitoring the supply situation.
