PM Chairs Oil Crisis Meet
PM Shehbaz will chair the meeting, which will also include representatives from the Petroleum Division, Oil and Gas Regulatory Authority (OGRA), Pakistan State Oil (PSO), and refinery officials. The participants will review current stocks of petrol and diesel and future supply prospects.
According to sources, the meeting will also consider the impact of fluctuating global oil prices and the potential closure of the Strait of Hormuz. The prime minister has established an Oil Supply Committee, led by Finance Minister Muhammad Aurangzeb, to oversee these concerns.
Oil prices fall 6% after Iran attack on US military base
The committee will assess oil supply contingencies should the Strait of Hormuz be blocked. Petroleum Division officials have assured that the country’s petroleum reserves are sufficient to meet current demands.
Following Iran’s attack on a US military post in neighboring Qatar in response to US strikes on Iranian nuclear facilities over the weekend, oil prices fell more than 6% on Monday.
Brent oil prices sank 6.4 percent to $72.07 a barrel, the lowest level in ten days, while West Texas Intermediate futures slid 6.5 percent to $69.96 a barrel about 1815 GMT.
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