Aurangzeb says burden on public to be minimised as monitoring tightened, hoarding curbed
ISLAMABAD:
Amid mounting global price pressures, the government on Wednesday sought to reassure the public over fuel availability, saying supplies would remain uninterrupted while efforts continue to keep the burden on consumers as low as possible.
Chairing a meeting of the petroleum 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 reach soon. Arrangements for further oil imports for March and April are under way.
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 volume of letters of credit (LCs) and added to financial pressure. Banks have therefore been instructed 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 instructed authorities to ensure fuel supply during Eid and the harvest season and directed provincial governments to act against hoarding.
Oil marketing companies will remain fully operational, and there is no risk of a shortage, 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.
