Finance Minister Muhammad Aurangzeb informs National Assembly’s Standing Committee on Finance that government is closely monitoring country’s petroleum supply and stock levels
ISLAMABAD: (UrduPoint/Pakistan Point News-June 16th, 2025) Finance Minister Muhammad Aurangzeb informed the National Assembly’s Standing Committee on Finance that the government is closely monitoring the country’s petroleum supply and stock levels amid rising geopolitical tensions due to the ongoing Iran-Israel conflict.
The committee meeting, chaired by Syed Naveed Qamar, discussed the potential economic implications of the conflict, particularly the global surge in oil prices.
Leader of the Opposition Omar Ayub Khan raised concerns over the increasing oil prices, attributing the spike to the intensifying Iran-Israel tensions. He noted that Iran is the sixth-largest oil producer globally, and any disruption in oil supply through the Strait of Hormuz could severely impact global markets. Ayub warned that the escalating conflict may lead to a rise in Pakistan’s oil import bill, putting pressure on the current account and widening the fiscal deficit in the next financial year.
In response, Finance Minister Aurangzeb assured the committee that the government was actively assessing the situation. “The Prime Minister has constituted a high-level committee to evaluate the possible effects of the Iran-Israel war on international oil prices and Pakistan’s petroleum supply chain,” he said. “The committee has held its first meeting, and the government is now closely reviewing the country’s petroleum reserves and overall supply position.”
The minister added that regional developments would continue to be monitored, and necessary steps would be taken to safeguard the country’s energy security and economic stability.
