Islamabad, Mar 5 (PTI): Pakistan on Thursday decided to introduce weekly revisions in petroleum prices effective from Saturday and consider measures such as work-from-home and distance learning to conserve fuel amid possible oil supply disruptions due to the ongoing conflict in West Asia.
The decision was taken at a meeting of the cabinet committee formed by Prime Minister Shehbaz Sharif to monitor petrol prices due to the regional situation, The Dawn newspaper reported.
The national action plan, prepared in consultation with the provinces, will be presented to Sharif on Friday. After his clearance, it will be taken up by the Economic Coordination Committee (ECC) of the federal cabinet for formal approval and implementation.
Back-to-back meetings of the three forums are scheduled for Friday, given the urgency of the situation, the report said, adding that contingency measures had also been discussed with the International Monetary Fund (IMF).
The development comes as the US and Israel’s war with Iran continues for the sixth day, disrupting supply chains as ships’ passage through the Strait of Hormuz remains paralysed.
The Strait of Hormuz, a narrow waterway, connects the Persian Gulf to the Gulf of Oman, through which about a fifth of the world’s oil passes.
The Strait was effectively closed following several attacks on ships by Iran in retaliation to joint US, Israel strikes.
Both petrol and diesel have over 500,000 tonnes of stocks, enough for 26 and 25 days’ cover, the Dawn reported.
Pakistan has already formally requested Saudi Arabia to provide an alternative oil supply route through through the alternative Red Sea route to maintain its fuel supply chain.
During the meeting of the cabinet committee chaired by Finance Minister Muhammad Aurangzeb, federal ministries and provincial governments emphasised that they had faced a similar situation during the Covid-19 pandemic.
Barring health-related precautions, almost all the contingency actions, including work-from-home, distance learning, and car-pooling, could be revived from next week to save fuel, energy and foreign exchange and minimise financial pressure on the budget and public purses, the report said.
Meanwhile, according to an official handout, the meeting also reviewed developments in the energy sector and assessed national preparedness measures amidst the evolving regional and global energy situation, 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 emergencies to support demand management if needed, while carefully calibrating communications to avoid any perception of undue alarm,” the statement said.
It said the national reserves remained at comfortable levels, with sufficient cover available for key products, and that there was no immediate cause for concern regarding the availability of petroleum products.
The committee, however, noted that the situation remained “fluid and uncertain”, requiring sustained vigilance and prudent planning as global supply chains and shipping routes face heightened risk and cost pressures, it said.
A comprehensive briefing was also given on international oil market conditions, including movements in global benchmarks, freight and insurance costs, maritime and routing dynamics, and the risk of supply congestion at key chokepoints, the statement said. PTI SH SCY SCY
(This story is published as part of the auto-generated syndicate wire feed. No editing has been done in the headline or the body by ABP Live.)
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