Body Formed as Govt Confirms No Fuel Shortfall Amid Israel-Iran War

The government has confirmed there is no fuel shortfall in Pakistan despite the escalating Israel-Iran war. In a proactive move, Prime Minister Shehbaz Sharif has established a high-level body to monitor fuel prices and ensure uninterrupted supply during the ongoing crisis.

In response to rising geopolitical tensions following Israel’s latest strikes on Iran, Prime Minister Shehbaz Sharif has constituted a high-level committee to oversee petroleum product pricing and supply conditions. The Ministry of Finance issued a statement confirming that the committee was formed to handle the volatility in global oil markets sparked by the conflict.

Headed by Finance Minister Muhammad Aurangzeb, the committee comprises senior officials from various federal ministries, regulatory bodies, and energy sector experts. Its formation underscores the government’s commitment to maintaining fuel security and market stability in light of the Israel-Iran war.

Monitoring Fuel Prices and Supply Chains

The committee will closely track global petroleum futures and assess the stability of the supply chain given the growing regional conflict. Additionally, it will analyze the foreign exchange implications of price fluctuations and propose contingency plans to avoid disruptions in domestic fuel availability.

The group will also evaluate the fiscal impact should the conflict drag on and recommend appropriate actions. During its inaugural meeting on Monday, members reviewed current petroleum market trends and determined that Pakistan holds sufficient stocks to avoid any immediate fuel crisis.

Brent crude and WTI prices saw renewed volatility, following a 7% spike on Friday, as Israeli and Iranian missile exchanges raised concerns over oil supply disruptions. Internationally, Brent crude rose to $74.87 per barrel while WTI reached $73.74 amid fears that the conflict could spread and affect the Strait of Hormuz—through which nearly 20 million barrels of oil pass daily.

Despite these global developments, the fuel price monitoring body assured that Pakistan’s local market remains stable. However, committee members stressed the need for constant vigilance and timely intervention.

To enable effective coordination, a dedicated working group will provide daily updates, and the full committee will convene weekly to assess risks and report to the prime minister. The Petroleum Division will serve as the secretariat to support ongoing operations and implementation of directives.

The government reaffirmed its resolve to safeguard national energy security and ensure the public remains unaffected during this period of heightened international tension.