Prime Minister Shehbaz chairs a meeting on austerity measures. PHOTO: SCREENSHOT
ISLAMABAD:
Prime Minister Shehbaz Sharif said on Friday evening, the eve of Eidul Fitr, that he had rejected advice to further increase fuel prices and that the federal government would shoulder the burden itself.
Two weeks ago, the government sharply increased diesel and petrol prices by Rs 55 per liter, or 20 per cent, due to the ongoing war between the United States, Israel and Iran, which has disrupted supply chains and pushed crude oil prices to their highest level in two years.
The increase in gasoline prices was greater than that of the international market, as the government chose to collect more money than necessary from motorcyclists and car owners to subsidize the use of diesel, mainly in public transport and the agricultural sector.
However, Prime Minister Shehbaz Sharif decided last week not to increase prices of petroleum products, honoring his promise to the public despite a further rise in international oil prices.
The Petrol Price Monitoring Committee was informed on Monday that the country had sufficient fuel availability for the month of March and coverage was available until mid-April based on current freight planning and supply arrangements, with efforts underway to extend it further towards the end of next month.
The committee members undertook a comprehensive review of petroleum product stocks across the country and were briefed in detail on the current national inventory of crude oil and refined petroleum products, ongoing import agreements and supply chain logistics.
Earlier, Oil Secretary Hamed Yaqoob Sheikh said the country currently had sufficient diesel reserves for 21 days and gasoline stocks for 27 days.
The Oil Secretary briefed the Senate Standing Committee on Oil on the country’s fuel reserves and the impact of growing tensions in the Middle East on global energy supplies.
Sheikh said the country also had nine days’ worth of liquefied petroleum gas (LPG) and 14 days’ worth of JP-1 aviation fuel. The Oil Secretary said around 70 per cent of Pakistan’s oil supplies came from the Middle East and ongoing regional tensions had disrupted shipments, with vessel movement currently affected.
