Aurangzeb says burden on public will be minimized as surveillance tightens and hoarding curbs
ISLAMABAD:
Amid growing pressures on global prices, the government on Wednesday sought to reassure the public about fuel availability, saying supplies would remain uninterrupted as efforts continue 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 and supply conditions 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 told the meeting. He added that market conditions and supply will be monitored daily.
Officials told the meeting that diesel reserves were sufficient for 24 days, while there were also gasoline reserves in adequate quantities. They said one shipment of crude oil had arrived in Karachi and another would arrive soon. Agreements are underway for new oil imports for March and April.
The report notes that there has been a continued rise in global oil prices and premiums. He stated that rising import costs have increased the volume of letters of credit (LC) and increased financial pressure. Banks have therefore been directed to facilitate import financing.
Separately, the Ministry of Finance issued a statement stating that strict control had been initiated to avoid any artificial shortage of fuel. The committee directed authorities to ensure fuel supplies during Eid and the harvest season and ordered provincial governments to act against hoarding.
Oil marketing companies will remain fully operational and there is no risk of shortages, according to the statement. The meeting also decided to monitor fuel reserves through a digital dashboard, while the government reviewed efforts to accelerate international commitment to diversify energy supply sources.
