ISLAMABAD – The federal government has, in principle, decided to establish strategic petroleum reserves to deal with a possible energy crisis amid the current tense situation, directing relevant authorities to prepare a formal framework.
According to reports, an important meeting of the cabinet committee was held under the chairmanship of Finance Minister Senator Muhammad Aurangzeb, where fuel availability, import strategy, and global market conditions were reviewed in detail.
The meeting was informed that the supply of petrol and diesel in the country is currently stable, with sufficient diesel reserves for 23 to 24 days, while petrol availability is also satisfactory.
Officials said that crude oil reserves are available for about 11 days, with additional shipments on the way, which will meet refinery requirements through April.
The committee was briefed that planning for petroleum product imports for April is actively underway, with large supplies already secured under commercial and government agreements. Efforts are also being made to run refineries at full capacity to maximize local production and meet domestic demand.
The meeting expressed concern over fluctuations and uncertainty in global oil prices, which have increased the cost of importing petrol and diesel.
The committee emphasized the need for prudent decisions in oil procurement to prioritize lower-cost sources, while ensuring transparency and adherence to commercial principles in shipping, insurance, and other logistics.
