Pakistan has enough crude and petroleum products to meet domestic demand, and there is no reason for panic despite the growing security tensions in the Gulf, officials said following a high-level review on Saturday.
The meeting, co-chaired by Ali Pervaiz Malik and Muhammad Aurangzeb, assessed the country’s fuel supply position in light of the US-Iran conflict, which threatens shipping routes near the Strait of Hormuz.
Senior officials from the Petroleum Division, the governor of the State Bank of Pakistan, the member oil of the Oil and Gas Regulatory Authority, top management from Pak-Arab Refinery Company, Cnergyico, Pakistan Refinery Limited, National Refinery Limited, Pakistan State Oil, and the Oil Companies Advisory Council attended.
The State Bank governor assured uninterrupted oil-related payments to support imports. PRL and PARCO reported minor logistical issues in crude procurement but confirmed current stocks are sufficient to maintain operations.
Cnergyico has one million barrels of US crude at its port, with two million more expected in March through routes that avoid the Strait of Hormuz. NRL is sourcing crude from Fujairah and does not foresee any disruption.
Officials confirmed that finished petroleum product stocks cover over a month of demand. Oil marketing companies said supply chains remain stable and no shortages are expected.
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