These figures were shared during a briefing to the Senate Standing Committee on Finance.

Finance Minister Muhammad Aurangzeb warned that global uncertainty caused by the conflict between the United States, Israel and Iran could impact oil supplies. However, he made it clear that there is no emergency situation in the country.

He advised people to conserve fuel as a precaution. He stated, “We are not going for rationing of fuel as there is no fuel shortage in the country, but things could become serious if the war drags on,” while responding to committee chairman Saleem Mandviwala.

The minister also revealed that some cargo shipments are currently stuck in Qatar. To manage this issue, the government is increasing output from local gas fields. The finance ministry has decided to hold daily meetings to closely monitor fuel stocks and international oil prices.

In an important step, Pakistan has formally requested Saudi Arabia to provide an alternative oil supply route through Yanbu after the closure of the Strait of Hormuz. This is aimed at protecting the national fuel supply chain.

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Meanwhile, Jamil Ahmad, Governor of the State Bank of Pakistan, warned that global oil prices could reach $100 per barrel. If that happens, Pakistan may face additional pressure on its external account and currency stability.

The ongoing regional conflict has already disturbed global energy markets. If tensions continue for a long time, oil prices may rise further, making imports more expensive for countries like Pakistan.