Aurangzeb says the burden on the public must be minimized as surveillance is tightened and hoarding is curbed
ISLAMABAD:
Amid mounting global price pressures, the government on Wednesday sought to reassure the public about fuel availability, saying supplies would remain uninterrupted as efforts continue to keep the burden on consumers as low as possible.
Chairing a meeting of the Oil Price Monitoring Committee, Finance Minister Muhammad Aurangzeb said market conditions and supply would be monitored on a daily basis, while authorities directed provinces to act against hoarding and ensure smooth availability during Eidul Fitr and the ongoing harvest season.
“The government will ensure the supply of fuel while keeping the burden on the public as low as possible,” Aurangzeb told the meeting. He added that market conditions and supply would be monitored on a daily basis.
Officials told the meeting that diesel reserves were sufficient for 24 days, while petrol stocks were also available in adequate quantities. They said one shipment of crude oil had arrived in Karachi and another would arrive soon. Arrangements for additional oil imports for March and April are underway.
The briefing noted that a continuous increase in global oil prices and premiums has been recorded. It stated that rising import costs have increased the amount of letters of credit and increased financial pressure. The banks have therefore been required to facilitate import financing.
Separately, the Ministry of Finance issued a statement saying that strict monitoring had been initiated to prevent any artificial shortage of fuel. The committee directed authorities to ensure fuel supply during Eid and harvest season and directed provincial governments to act against hoarding.
Oil marketing companies will remain fully operational and there is no risk of shortages, the statement said. The meeting also decided to monitor fuel reserves through a digital dashboard while the government reviewed efforts to accelerate international engagement to diversify energy supply sources.
