A committee was formed in response to the geopolitical situation evolving after Israel’s recent attack against Iran and the resulting volatility in international oil markets held its first meeting on Monday, in which he expressed his satisfaction that Pakistan has adequate actions of oil derivation products.
According to a declaration of the Finance Division, the Committee chaired by the Minister of Finance, Muhammad Aurengzeb, carried out a detailed evaluation of the global and national oil market situation and pointed out that there is no immediate risk of supply interruption.
However, the committee 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 committee will meet weekly to review the situation and present recommendations to the Prime Minister.
The oil division has been designated to provide secretary support and guarantee the effective implementation of the committee’s mandate, the statement added.
The prime minister had formed the committee to monitor the prices of the oil product and the supply dynamics. In addition to the Minister of Finance, it also includes superior representatives of key federal ministries, regulatory authorities and experts in the energy sector.
The Finance Division said that 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.
The Committee has been entrusted to monitor the price of oil derived products and the predictability of the supply chain in view of the current conflict in the region.
It will determine the implications of Forex of prices volatility for the short and medium term, 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 statement said that the Government remains completely committed to maintaining energy security, stabilizing markets and protecting national interest during this critical time.
World oil prices were volatile on Monday, after increasing seven percent on Friday, since the renewed attacks of Israel and Iran during the weekend increased concerns that the battle could be extended throughout the region and significantly interrupting oil exports of the Middle East, Reuters reported.
Brunt Brunt futures rose 6 cents, or 0.08 percent, to $ 74.29 per barrel, while the future intermediate raws of Us West Texas won 21 cents or 0.29 percent, at $ 73.19. They had increased more than $ 4 per barrel at the beginning of the session and also briefly fell into a negative territory.
