Pakistan has set up a high-level committee to monitor petroleum prices and supply conditions as increasing tensions in the Middle East raise concerns over global oil markets, the finance ministry said on Monday.
The decision follows renewed hostilities between Israel and Iran, including missile strikes over the weekend that have pushed oil prices higher and sparked fears of wider regional conflict.
The committee, headed by Finance Minister Muhammad Aurangzeb, will assess the impact of geopolitical developments on Pakistan’s energy market and foreign exchange position.
“The formation of this committee reflects the government’s proactive approach to safeguarding national energy interests and ensuring market stability,” the ministry said in a statement.
The body includes officials from key ministries, regulatory bodies, and energy experts. It will monitor global oil futures, supply chain risks, and the fiscal and forex implications of prolonged instability in the region.
Oil prices were volatile on Monday after a sharp jump last week. Brent crude rose 64 cents to $74.87 a barrel by 0507 GMT, while US West Texas Intermediate crude climbed 76 cents to $73.74.
The committee held its first meeting on Monday and reviewed both global trends and the domestic fuel stock position. It concluded that Pakistan currently holds adequate petroleum reserves and does not face an immediate supply risk, but called for “continued vigilance”.
A working group will track developments daily, while the full committee will meet weekly to provide updates and recommendations to Prime Minister Shehbaz Sharif.
Concerns are growing over possible disruptions to the Strait of Hormuz, through which nearly one-fifth of global oil flows. Any prolonged disruption could pressure import-dependent countries like Pakistan, which faces persistent current account challenges.
