KARACHI: Pakistan has “comfortable levels” of petroleum stocks and the supply chains are functioning smoothly, the finance ministry said on Monday, amid an ongoing Middle East conflict that has disrupted global fuel supplies.
Global fuel supply chains have been affected by disruptions in the Strait of Hormuz, a strategic waterway between Iran and Oman and a key transit route, that has been blocked by Tehran amid ongoing United States-Israeli strikes on Iran and its counter attacks against several Gulf states.
Oil prices surged more than 25 percent past globally on Monday to $119.50 a barrel, the highest levels since mid-2022, as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market due to the expanding US-Israeli war with Iran.
Finance Minister Muhammad Aurangzeb on Tuesday presided a meeting of the Cabinet Committee to Monitor Petrol Prices to review developments in the energy sector and assess national preparedness measures in light of the evolving regional situation.
“The Committee deliberated on the evolving regional and global energy situation and undertook a detailed review of petroleum product stock positions across the country,” the finance ministry said.
