The government of Pakistan has set up a high-level committee to closely monitor petroleum prices and supplies, following global market concerns after recent attacks by the U.S. and Israel on Iran. This move aims to protect domestic consumers from sudden fuel price shocks and ensure stability in the local market.
The newly formed 18-member committee will be chaired by Finance Minister Muhammad Aurangzeb and will include the Minister for Petroleum, the Minister for Power Division, and the Minister of State for Finance. The Governor of the State Bank of Pakistan, along with secretaries from relevant federal ministries, will also be part of the group.
The committee’s main responsibility is to track international oil market trends and assess their impact on local prices. It will also examine supply conditions, maintain a balance between demand and supply, and suggest policy measures to prevent unexpected increases in fuel costs.
Officials say that while the committee’s work is preemptive, it comes at a time when global oil prices are highly volatile due to regional conflicts. Any disruption in oil supply from the Middle East could directly affect Pakistan’s domestic fuel rates, which are closely linked to international prices.
The government expects that through careful monitoring and timely interventions, consumers will be shielded from sudden price hikes that can affect everyday life. Analysts note that similar committees have been formed in the past during global crises, reflecting the country’s need for caution in an interconnected oil market.