Work from home, online classes ‘to conserve fuel’

• Energy contingency plan to be presented to PM today ahead of ECC approval• Measures similar to those instituted during the Covid-19 pandemic may return• Weekly petroleum price revisions to begin from March 8• Centre asks provinces to keep an eye on petrol stations to prevent hoarding• Oil Marketing Association accuses local refineries of cutting agreed supplies

ISLAMABAD: The government on Thursday decided in principle to start weekly petroleum pricing from March 8 to pass on additional costs such as heightened insurance, freight and war premiums to consumers, and revive Covid-19-era measures across the country (except health-related restrictions) such distance learning, work-from-home and car-pooling to minimise foreign exchange and financial losses.

The national action plan to cope with the emerging crisis was finalised in consultation with provincial and regional governments at a meeting of the Cabinet Committee to Monitor Petrol Prices in the Wake of the Emerging Situation in the Region, constituted by the prime minister.

The meeting came as the United States and Israel’s war with Iran continued for a sixth day, disrupting supply chains as ships’ passage through the Strait of Hormuz remains paralysed.

The action plan will be presented to the prime minister on Friday (today) and, subject to his clearance and further fine-tuning, will be taken up at a meeting of the Economic Coordination Committee (ECC) of the cabinet for formal approval and implementation.

Back-to-back meetings of the three forums have been scheduled in that order, given the urgency of the matter. Sources said the contingency measures had also been discussed with the International Monetary Fund (IMF).

At the meeting of the cabinet committee on oil pricing, presided over by Finance Minister Muhammad Aurangzeb, federal ministries and provincial governments said the country had faced a similar situation during Covid-19 when Pakistan confronted even greater financial and foreign exchange challenges.

Barring health-related precautions, most of the austerity measures adopted at that time would be revived from next week to save fuel, energy and foreign exchange, while prioritising key sectors.

The meeting reviewed developments in the energy sector and assessed national preparedness while undertaking a detailed review of petroleum product stock positions across the country.

“In line with broader preparedness planning, the committee examined a phased menu of fuel conservation measures drawing on institutional protocols implemented during prior national........

© Dawn Business