LAHORE: Federal Minister for Information and Broadcasting Attaullah Tarar stated that prompt decisions by Prime Minister Shehbaz Sharif played a key role in preventing a potential oil crisis in the country.
Speaking at a joint press conference alongside Federal Minister for Petroleum Ali Pervaiz Malik on Saturday, Tarar said the prime minister had instructed the Ministry of Petroleum to ensure sufficient fuel reserves. Acting on these directives, Malik and his team worked diligently to stabilize the situation and avoid shortages.
Tarar highlighted that while several countries in the region had resorted to fuel rationing, Pakistan managed to maintain stable supplies. He credited this to a high-level committee formed by the prime minister, which conducted daily reviews to monitor the situation and ensure adequate reserves.
He further noted that arrangements were being made to secure future oil shipments, as confirmed by the petroleum minister. However, he cautioned that the absence of shortages should not lead to unnecessary consumption, especially as global oil prices have surged sharply—from around $70 per barrel to nearly $158 per barrel—affecting Pakistan as well.
The minister emphasized that domestic fuel prices are linked to international market trends. Despite a recent increase of Rs55 in petrol prices, the government made efforts to shield the public from further financial strain.
Reaffirming the government’s stance, Tarar said austerity measures and simplicity would be adopted across ministries, with strict implementation already underway.
Meanwhile, Petroleum Minister Ali Pervaiz Malik pointed out that regional tensions had significantly impacted global oil markets. He explained that crude oil prices in the Gulf had jumped dramatically in recent weeks, rising from about $70 per barrel to as high as $170, before settling around $160.
Given these developments, he said the government made a careful decision to pass on only a limited portion of the price increase to consumers in order to balance economic pressures.
