The federal government has been proposed reviewing petroleum product prices on a weekly basis instead of the current fortnightly schedule due to rising tensions in the Middle East, while officials have confirmed that no decision has yet been made regarding a subsidy on petroleum prices.
According to the 24NewsHD TV channel, the proposal was discussed during a meeting in Islamabad chaired by Finance Minister Muhammad Aurangzeb, where participants reviewed the impact of rising global oil prices and the evolving supply situation.
During the meeting, officials considered the suggestion to shift the review of petroleum product prices from the existing 15-day mechanism to a weekly assessment.
Participants were also briefed that oil transportation has been affected by the disruption of shipments through the Strait of Hormuz.
Following the development, Pakistan State Oil has issued new import tenders for petrol and diesel. Officials told the meeting that the country currently has adequate reserves of both fuels and there is no shortage.
Later, speaking to reporters outside parliament, Finance Minister Muhammad Aurangzeb said the government is closely monitoring the evolving situation regarding both petroleum prices and supply. He said a special committee meets every day at 2pm to review developments and assess the overall situation.
Aurangzeb said that no decision has yet been taken regarding any subsidy on petroleum products, adding that Pakistan currently has sufficient reserves of gas and diesel, while LNG and LPG molecules are also available.
He added that the committee includes representatives from the petroleum and power divisions, the governor of the State Bank of Pakistan (SBP), ministers of state and other senior officials. He said that because the global situation is changing rapidly, the government has been compelled to review the situation on a daily basis.
The finance minister said the government is keeping a close watch on both petroleum prices and supply and will continue to update the public as the situation evolves. He added that if a decision on subsidy becomes necessary, the government will consider it at the appropriate time.
Reporter: Ashraf Khan