ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) confirmed on Sunday it has advised oil marketing companies to maintain their mandatory 20-day stock levels, clarifying the country holds “sufficient stocks” of petroleum products as the Iran-Israel conflict intensifies.
Local media outlets reported this week that Pakistani authorities have accelerated oil imports as the Iran-Israel conflict rages on. The conflict took a turn for the worse early Sunday after the US military struck three sites in Iran, inserting itself into Israel’s war aimed at destroying the country’s nuclear program in a risky gambit that could spark a wider regional conflict.
Experts have warned of spiraling inflation and global oil supply constraints due to the ongoing Middle East conflict. 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.
“The Oil and Gas Regulatory Authority (OGRA) has confirmed that the country currently holds sufficient stocks of petroleum products to meet existing demand,” OGRA spokesperson Imran Ghaznavi said in a statement.
