The Petroleum and Gas Regulatory Authority (OGRA) on Saturday advised all oil marketing companies (WTO) that guarantee the maintenance of their mandatory levels of 20-day shares in the midst of the impact of Iran-Israel conflict on the world oil supply.
In a statement issued today, the authority spokesman said: “Ogra has confirmed that the country currently has sufficient actions of oil products to meet the existing demand.
“However, in view of the advance future requirements and the prevailing market situation, Ogra has formally advised all oil marketing companies (WTO) that guarantee the maintenance of their mandatory levels of 20 -day shares, in line with the conditions stipulated in their respective licenses.”
The spokesman said that Ogra remained committed to monitoring the situation closely and would continue to take proactive measures to guarantee national energy security.
A high -level meeting on Monday reviewed the prices of oil products and the dynamics of the supply in response to the geopolitical situation evolving after Israel’s recent attack against Iran and the resulting volatility in international oil markets.
The Committee was constituted by Prime Minister Shehbaz Sharif with a task to monitor the prices of the oil product and supply dynamics. The Minister of Finance, Muhammad Aurengzeb, presided over the first meeting of the Committee in the Finance Division.
An official announcement said that the committee meeting was attended by high -level representatives of key federal ministries, regulatory authorities and experts in the energy sector. The formation of this committee reflects the proactive approach of the government to safeguard national energy interests and guarantee market stability for a time of greater international uncertainty.
During the meeting, the members evaluated the situation of the global and domestic market of oil. The Committee expressed its satisfaction that Pakistan currently maintained adequate actions of oil derived products and there is no immediate risk of supply interruption.
However, members emphasized the need for continuous surveillance given the regional context that changes rapidly.
To guarantee a timely response and effective coordination, a working group will monitor the developments daily, and the complete committee will meet weekly to review the situation and present recommendations to the prime minister.
The committee has been entrusted with the tasks to closely monitor the prices of oil/future oil products and the predictability of the supply chain in view of the current conflict in the region. It will also determine the implications of Forex of pricing volatility for the short and medium term.
According to the terms of reference of the committee, it will suggest a plan (if necessary) to ensure that there are no supply interruptions and that the market is well supplied and perform a detailed analysis of the fiscal impact, in case of a prolonged conflict.
The oil division has been designated to provide secretary support and guarantee the effective implementation of the committee’s mandate.
The government remains completely committed to maintaining energy security, stabilizing markets and protecting national interest during this critical time, the announcement added.
