Finance minister says no emergency like-situation in Pakistan amid global oil uncertainty

ISLAMABAD: Finance Minister Muhammad Aurangzeb on Wednesday cautioned over oil stocks amid global uncertainty due to the US-Israel and Iran war, but said that there was no emergency-like situation in Pakistan.

Briefing the Senate Standing Committee on Finance, the minister suggested conserving fuel as a preventive measure.

“We are not going for rationing of fuel as there is no fuel shortage in the country, but things could become serious if the war drags on,” Aurangzeb said in response to the query by Saleem Mandviwala, the chairman of the committee.

The committee was informed that there were petrol and diesel stocks for 28 days, crude oil stocks for 10 days, and liquefied petroleum gas (LPG) and liquefied natural gas (LNG) for 15 days.

“But some cargoes have been stuck in Qatar and to offset this short supply, the output from local gas fields was being enhanced,” he added.

The committee was informed that the finance ministry would hold daily meetings with the relevant departments to monitor the country’s fuel position and fuel prices in international markets.

It is worth mentioning that Pakistan on Wednesday formally requested that Saudi Arabia provide an alternative oil supply route through Yanbu to maintain its fuel supply chain in the wake of the closure of the Strait of........

© Dawn Business