No need for panic or rationing, says petroleum minister

ISLAMABAD: With the Strait of Hormuz becoming a flashpoint following the bombing of three nuclear sites in Iran by the United States, Pakistan is actively reviewing alternative routes for uninterrupted supply of petroleum products.

Located between Iran and Oman, the Strait of Hormuz remains the world’s most strategically important choke points and its closure or blockade could have serious implications for the global and US economy. Speaking to the Geo TV on Monday, Federal Petroleum Minister Ali Pervaiz Malik said Prime Minister Shehbaz Sharif had constituted a high-level committee led by Finance Minister Muhammad Aurangzeb to assess the country’s petroleum situation.

“I am part of the committee, which also includes the Ogra chairman, petroleum secretary, and other senior officials,” Malik said.

He confirmed that Pakistan currently had adequate stocks of petroleum products and there was “no need for panic or go for rationing”.

“Cargos have already been booked, and we’re reviewing daily stock updates to ensure uninterrupted supply,” he said.

In a meeting held earlier Monday at the Petroleum Division, the government examined alternative sourcing strategies in case of emergency.

“We assessed how supplies can be diverted from Oman or other routes bypassing the Strait of Hormuz if required,” Malik noted, emphasizing that all preventive measures were underway. “Ogra has ramped up its monitoring of refinery and OMC stocks,” he added, noting the regulator had done considerable groundwork in stock surveillance.

Malik stressed that despite geopolitical uncertainty, “we are fully prepared to maintain an active supply chain of petroleum and crude products.” He further said the prime minister will personally review the contingency plans in the coming days.

“The aim is to ensure the availability of oil at all costs, even in worst-case scenarios,” Malik emphasized. The minister concluded by expressing hope for regional de-escalation. “We pray for peace and expect better sense to prevail — but we’re not leaving anything to chance.”