Pakistan says fuel stocks sufficient, vows vigilance as Israel-Iran conflict rattles markets
KARACHI: Pakistan currently holds adequate stocks of petroleum products and faces no immediate risk of supply disruption, the finance ministry said on Monday, while warning that continued vigilance was needed as Middle East tensions pushed oil markets into fresh volatility.
The statement came after the inaugural meeting of a committee formed by Prime Minister Shehbaz Sharif last week to monitor petroleum pricing and supply in response to an ongoing military confrontation between Israel and Iran.
Oil markets have been volatile amid the escalation, with Brent crude prices jumping about 7 percent last Friday to near $75 per barrel, but edging down on Monday, as renewed military strikes by both nations over the weekend left oil production and export facilities unaffected.
Concern is focused on potential disruptions in the Strait of Hormuz, through which roughly one‑fifth of global oil transits, and weak supply growth from Iran, which produces about 3.3 million barrels per day. Analysts caution any sustained spike could drive up global freight rates, insurance premiums and inflation, particularly in energy‑importing countries like Pakistan.
