ISLAMABAD – Pakistan is considering shifting to a weekly revision of petrol prices in response to ongoing global volatility caused by the US-Iran conflict.
Currently, fuel rates are adjusted every two weeks, but rising geopolitical tensions and fluctuating international oil prices have prompted authorities to explore more frequent updates to help manage domestic market stability.
A day earlier, the Committee to Monitor Petrol Prices in the Wake of the Emerging Situation in the Region, constituted by the Prime Minister, met under the chairmanship of the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, at the Finance Division.
The Committee continued its deliberations on the evolving regional and global energy situation and undertook a detailed review of petroleum stock levels and supply chains across the country. Participants were briefed on country stock levels of crude oil and refined petroleum products, including petrol, diesel, aviation fuels and LPG, along with their respective days of cover and daily consumption patterns.
The meeting was also briefed on global oil market developments, including movements in international benchmark prices, freight and insurance costs, shipping route dynamics, and evolving conditions in key maritime corridors. The Committee noted that the international energy environment remains fluid, particularly given the uncertainty surrounding the Strait of Hormuz and its implications for global energy trade.
The Committee discussed a range of contingency measures to strengthen supply security, including engagement with international partners and exploration of alternative sourcing routes. In this regard, members were informed of ongoing diplomatic and commercial engagement with friendly countries and suppliers in the region to secure additional crude and petroleum supplies where necessary.
