Islamabad, March 5 Pakistan decided on Thursday to introduce weekly revisions in petroleum prices, effective from Saturday, and to consider measures such as working from home and distance learning to conserve fuel amid possible disruptions in oil supplies due to the ongoing conflict in West Asia.
The decision was made at a meeting of the cabinet committee formed by Prime Minister Shehbaz Sharif to monitor petrol prices due to the regional situation, according to The Dawn newspaper.
The national action plan, prepared in consultation with the provinces, will be presented to Sharif on Friday. After his approval, it will be taken up by the Economic Coordination Committee (ECC) of the federal cabinet for formal approval and implementation.
Meetings of the three forums are scheduled for Friday, given the urgency of the situation, the report said, adding that contingency measures had also been discussed with the International Monetary Fund (IMF).
The development comes as the war between the US and Iran continues for the sixth day, disrupting supply chains as the passage of ships through the Strait of Hormuz remains paralyzed.
Pakistan has already formally requested Saudi Arabia to provide an alternative oil supply route through the Red Sea route to maintain its fuel supply chain.
During the meeting of the cabinet committee chaired by Finance Minister Muhammad Aurangzeb, federal ministries and provincial governments emphasized that they had faced a similar situation during the Covid-19 pandemic.
Except for health-related precautions, almost all contingency actions, including working from home, distance learning, and car-pooling, could be revived from next week to save fuel, energy, and foreign exchange, and minimize financial pressure on the budget and public purses, the report said.
Meanwhile, according to an official handout, the meeting also reviewed developments in the energy sector and assessed national preparedness measures amid the evolving regional and global energy situation, undertaking a detailed review of petroleum product stock positions across the country.
"In line with broader preparedness planning, the committee examined a phased menu of fuel conservation measures drawing on institutional protocols implemented during prior national emergencies to support demand management if needed, while carefully calibrating communications to avoid any perception of undue alarm," the statement said.
It said that national reserves remained at comfortable levels, with sufficient cover available for key products, and that there was no immediate cause for concern regarding the availability of petroleum products.
The committee, however, noted that the situation remained "fluid and uncertain", requiring sustained vigilance and prudent planning as global supply chains and shipping routes face heightened risk and cost pressures, it said.
A comprehensive briefing was also given on international oil market conditions, including movements in global benchmarks, freight and insurance costs, maritime and routing dynamics, and the risk of supply congestion at key chokepoints, the statement said.
