ISLAMABAD (Kashmir English): Finance Minister Muhammad Aurangzeb on Wednesday rejected the rumors circulating about a shortage of oil in the country amid the escalating tension in the Middle East.
Briefing the Senate Standing Committee on Finance, the finance czar said that we have 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.
There is no shortage of petroleum products, he said, adding that the country has enough supplies to meet domestic demand for nearly a month.
“Some LNG cargoes from Qatar have been halted, but demand will be met by enhancing output from local gas,” Aurangzeb told the Senate committee.
The finance minister added that 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.
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.
Aurangzeb further said Prime Minister Shehbaz Sharif had formed a special committee to monitor petroleum supplies daily. “The committee is working daily, and key decisions will be taken immediately. Petroleum reserves are available until the end of March.”
Earlier, the Oil and Gas Regulatory Authority (Ogra) said that they have high stocks of oil to meet 28 days of the country’s consumption requirement, following pre-emptive measures to import surplus fuel.
Pakistan requests alternative oil supply route from Saudi Arabia
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 Hormuz following the United States-Israel attack on Iran.
The request was made by Federal Minister for Petroleum Ali Pervaiz Malik to the Saudi ambassador to Pakistan, Nawaf bin Said Al-Malki, during a meeting.
The Saudi ambassador assured full support in this regard, according to a statement by the petroleum division.
During the meeting, both sides discussed matters of mutual interest and bilateral cooperation. The minister apprised the ambassador about the current situation and the implications of the closure of the Strait of Hormuz on global energy markets.
He stated that Pakistan is closely monitoring the evolving situation on a daily basis, as the majority of Pakistan’s energy supplies transit through the strait.
