Pakistan forms crisis committee as oil prices spike

ISLAMABAD: In response to a sharp surge in global oil prices following Israel’s attack on Iran, the federal government has constituted a high-level committee to monitor petrol prices, ensure uninterrupted fuel supplies, and evaluate the fiscal fallout for Pakistan.

Chaired by the finance minister, the 16-member committee includes key economic and energy policymakers such as the Ministers for Petroleum and Power, the Governor of the State Bank, the FBR Chairman, and senior executives from OGRA, PARCO, PSO, and HUBCO.

The move comes amid heightened geopolitical tensions that threaten global oil flows and pose serious risks to Pakistan’s economy.

According to an official memorandum issued by the Ministry of Energy (Petroleum Division), the committee will closely track petroleum futures and supply chain predictability, evaluate foreign exchange implications, and recommend strategies to stabilize the domestic market during this volatile period.

The committee’s terms of reference also include devising contingency plans to prevent fuel supply disruptions and conducting a fiscal impact analysis in case of a prolonged conflict. It will submit weekly reports to the Prime Minister. The first meeting is scheduled for June 15 at the Ministry of Finance in Islamabad.