Federal Minister for Finance Muhammad Aurangzeb said on Sunday that in the wake of the situation in the Gulf, arising out of the US, Israel’s aggression against Iran, Pakistan’s monthly oil import bill could reach $600 million and the price of crude oil could reach $120 per barrel, reported 24NewsHD TV channel.
He was speaking to Sindh Chief Minister Syed Murad Ali Shah along with Minister for Petroleum Ali Pervaiz Malik.
Aurangzeb said the government was working on alternate projects in order to mitigate the effects of an extraordinary increase in the prices of petroleum products. “The government is constantly monitoring global markets," he said.
Federal Minister for Petroleum Ali Pervaiz Malik said the government would request the IMF to grant relief in levy.
He further said that the steps aimed at conserving fuel were necessary so that reserves could last longer.
He expressed the fear that Qatar’s force majeure could disrupt the supply of LNG.
The ministers told CM Murad that diplomatic contacts with Saudi Arabia, Oman and the UAE for fuel supply were underway and that efforts were being made to ensure the supply of oil through other routes due to the closure of the Strait of Hormuz.
The chief minister was told that three oil carrying ships were expected to reach Pakistan tomorrow.
Speaking on the occasion, CM Murad said it was a priority for the government to keep the country’s economy on track.
He said that all those proposals that came under discussion at the meeting today would be tabled at the Sindh cabinet meeting.
It was agreed at the meeting to increase contacts between the Center and provinces to curb hoarding.
In their meeting with Punjab Chief Minister Maryam Nawaz, the latter stressed the need for the supply of diesel so that it could be used for agricultural purposes.
She also directed that it must be ensured that people did not have to queue up at petrol pumps.
Reporter: Rao Dilshad