PM Shehbaz summons emergency meeting on petroleum amid tensions

ISLAMABAD: Prime Minister (PM) Shehbaz Sharif has summoned an urgent meeting on Tuesday to address the supply of petroleum products, prompted by the volatile regional situation, ARY News reported citing sources.

PM Shehbaz will chair the meeting while representatives from the Petroleum Division, Oil and Gas Regulatory Authority (OGRA), Pakistan State Oil (PSO), and refinery officials will also attend the meeting. The participants will review current stocks of petrol and diesel along with future supply prospects.

According to sources, the meeting will also consider the impact of fluctuation in global oil prices and the potential closure of the Strait of Hormuz. The prime minister has established an Oil Supply Committee, led by the Finance Minister Muhammad Aurangzeb, to oversee these concerns.

The committee will assess oil supply contingencies should the Strait of Hormuz be blocked. Petroleum Division officials have assured that the country’s petroleum reserves are sufficient to meet current demands.

Following Iran’s attack on a US military post in neighboring Qatar in response for US strikes on Iranian nuclear facilities over the weekend, oil prices fell more than 6% on Monday.

Brent oil prices sank 6.4 percent to $72.07 a barrel, the lowest level in ten days, while West Texas Intermediate futures slid 6.5 percent to $69.96 a barrel about 1815 GMT.