Finance Minister Muhammad Aurangzeb assured the nation on Monday that there was no shortage of petroleum products anywhere in the country, emphasizing that a coordinated government strategy has ensured stable fuel supply despite global uncertainty.
The assurance came as the finance minister chaired an important meeting of the Cabinet Committee on Petroleum Price Monitoring, where officials from the Petroleum Division briefed participants on the overall supply situation.
According to the Ministry of Finance, diesel reserves in the country are sufficient for 23 to 24 days, while petrol availability remains satisfactory nationwide. The current reserves of crude oil stand at approximately 11 days, with additional cargo expected to maintain uninterrupted supply.
Officials informed the meeting that arrangements for oil imports for April have already been finalised, with large quantities of petroleum products booked in advance. Both commercial and government-level agreements remain intact, while efforts are underway to procure oil at lower prices amid rising global rates and premiums.
The meeting noted that regional developments have put pressure on supply, while demand for petroleum products has increased in recent weeks. In response, authorities decided to adopt a strategy to minimise reliance on the expensive spot market and instead ensure cost-effective procurement.
The finance minister directed that the country’s refineries be operated at full capacity and that maximum crude oil refining be carried out locally. A decision was also made to closely monitor supply and demand, with strict instructions issued to provincial governments to prevent hoarding and artificial shortages.
To improve oversight, the government will introduce a modern digital dashboard for real-time monitoring of the petroleum supply chain, aiming to enhance transparency and ensure timely decision-making. Emphasis was also placed on safeguarding economic interests in import matters, including the use of national shipping.
The meeting discussed new proposals to improve fuel quality and pricing, along with reforms to strengthen the local refining sector and ensure efficient fuel usage. Authorities also decided to continue consultations with stakeholders.
On the directives of the prime minister, a framework will be prepared to establish a strategic petroleum reserve to enhance long-term energy security.
Despite rising global oil prices, the finance minister reiterated that efforts will be made to transfer the minimum possible burden to the public, reaffirming that there is no fuel crisis in the country at present.
