A meeting of the Cabinet Committee to Monitor Petrol Prices was held today under the chairmanship of the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, as part of the Committee’s ongoing daily review of petroleum stocks and developments in the energy sector amid evolving geopolitical conditions. The Committee undertook a comprehensive review of petroleum product stocks, supply arrangements, and import plans. It was noted that the current supply position remains stable, with diesel stocks providing approximately 23–24 days of cover, while petrol availability continues to remain comfortable. The Committee was informed that crude oil stocks currently provide around 11 days of cover, with additional cargoes in transit and committed volumes expected to sustain refinery operations and product availability through April. The Petroleum Division briefed the Committee that import plans for April are being actively managed, with significant volumes already secured through commercial and government-to-government engagements. Refinery operations are being maintained at optimal levels, with efforts underway to maximize throughput and ensure conversion of crude into refined products to support domestic demand. The Committee was informed that international oil markets remain highly volatile and tight, with notable increases in benchmark prices and cargo premiums in recent days. Members noted that prevailing market conditions reflect supply-side uncertainties linked to regional developments, resulting in elevated premiums for both diesel and petrol cargoes. The Committee also reviewed procurement strategies and noted ongoing efforts to secure favourable supply arrangements under existing contracts, including government-backed engagements that offer comparatively lower costs than prevailing spot market rates. At the same time, members emphasized the importance of prudent procurement decisions in view of variations in pricing across suppliers and tightening market conditions. Operational aspects of fuel imports were also discussed, including shipping arrangements, insurance considerations, and logistical coordination. The Committee considered proposals relating to the use of national shipping capacity and agreed that all such arrangements will be guided by commercial prudence, transparency, and the imperative of ensuring uninterrupted supply. The Committee reviewed demand patterns in the domestic market and noted an increase in offtake in recent weeks. Members emphasized the need for close monitoring to discourage speculative stockholding and ensure smooth distribution across the country. Provincial administrations and regulatory authorities have been directed to intensify oversight and enforcement measures to maintain market discipline. The Committee also reviewed progress on strengthening monitoring mechanisms across the petroleum supply chain. Particular emphasis was placed on improving real-time data visibility, including at the retail level, through the development of a digital dashboard. Relevant authorities were directed to ensure timely sharing and integration of data to support informed and responsive decision-making. In addition, the Committee took note of a proposal relating to fuel specification and pricing optimization aimed at enhancing efficiency in domestic consumption patterns and supporting local refining capacity. It was decided that the proposal will be examined further in consultation with stakeholders, including refineries and oil marketing companies, before being brought back for consideration. The Committee further noted the need to initiate work on a strategic petroleum reserves framework as a parallel workstream, in line with directions received from the Prime Minister. The Petroleum Division was tasked with developing a structured framework for consideration in upcoming meetings. Chairing the meeting, the Finance Minister reiterated that the Government’s foremost priority remains ensuring uninterrupted availability of petroleum products across the country while minimizing the impact of global price volatility on the public. He emphasized that, despite challenging international market conditions, proactive planning and coordinated efforts have helped maintain a stable domestic supply position. The meeting was attended by Federal Minister for Petroleum Mr. Ali Pervaiz Malik, Federal Minister for Climate Change and Environmental Coordination Dr. Musadik Masood Malik, Federal Minister for National Food Security and Research Mr. Rana Tanveer Hussain, Federal Minister for Maritime Affairs Mr. Muhammad Junaid Anwar Chaudhry (virtually), and Federal Minister for Commerce Mr. Jam Kamal Khan (virtually), along with federal secretaries and senior officials from the relevant ministries, divisions, and regulatory authorities.
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