Pakistan Forms High-Level Cabinet Committee to Monitor Oil Prices Amid Iran-US War Fears

Islamabad | Report by M.Saleem
Pakistan announced Monday the establishment of a high-level cabinet committee to monitor petroleum markets and ensure uninterrupted domestic fuel supplies, as escalating conflict in the Middle East and disruption around the Strait of Hormuz rattle global energy markets. 
The move follows Iran’s closure of the Strait of Hormuz after US-Israeli strikes on Iranian territory, raising serious concerns about oil shipments through the strategic waterway that carries roughly one-fifth of global oil consumption. 
Committee Composition
The 18-member body established by Prime Minister Shehbaz Sharif includes the ministers for petroleum and power, the State Bank of Pakistan governor, secretaries of petroleum, power and finance, the OGRA chairman, the managing director of Pakistan Refinery Limited, and representatives of ISI and the Intelligence Bureau. 
Daily Monitoring Mechanism
The committee will convene daily, with structured data consolidation followed by formal review — enabling real-time monitoring of international price movements, domestic stock levels, foreign exchange exposure, and supply chain developments. 
Fuel Stocks Adequate — For Now
Pakistan currently maintains 28 days of consumption coverage for both petrol and diesel, exceeding the 21-day mandatory reserve requirement by a comfortable 7-day buffer, according to OGRA spokesman Imran Ghaznavi. 
However, the committee was informed that Qatar Gas has shut down its LNG facility following Iranian strikes, meaning LNG supplies would not be available beyond a few cargo vessels that had already crossed the Strait of Hormuz towards Karachi.
Government Assurance
Finance Minister Aurangzeb assured the public that energy supplies remain stable, governance mechanisms are fully operational, and comprehensive contingency planning is actively underway to safeguard national interests. 
Global Oil Market Pressure
Brent crude is hovering near $100 per barrel, reflecting how quickly geopolitics can reprice energy, as nearly 20 percent of the world’s oil passes through the Strait of Hormuz daily. Analysts note that while oil market fundamentals remain broadly intact, markets cannot tolerate prolonged uncertainty over trade flows through the Strait — making swift diplomatic resolution critical.