Aurangzeb says burden on public must be minimized through strengthening surveillance and reducing hoarding
ISLAMABAD:
Amid growing pressures on global prices, the government on Wednesday sought to reassure the public on fuel availability, saying supplies would remain uninterrupted while efforts continued 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 daily, while authorities directed provinces to act against hoarding and ensure smooth availability during Eidul Fitr and the ongoing harvest season.
“The government will ensure fuel supply while keeping the burden on the public as low as possible,” Aurangzeb said at the meeting. He added that market conditions and supply would be monitored daily.
Officials told the meeting that diesel reserves were sufficient for 24 days, while gasoline stocks were also available in sufficient quantities. They said a consignment of crude oil had arrived in Karachi and another would arrive soon. Arrangements are being made for further oil imports for March and April.
The briefing noted that a continued increase in global oil prices and premiums has been recorded. He said rising import costs have increased the volume of letters of credit (LCs) and added to the financial pressure. Banks were therefore tasked with facilitating the financing of imports.
Separately, the Ministry of Finance issued a statement saying that strict monitoring had been put in place to avoid any artificial shortage of fuel. The committee asked 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.
