Pakistan petrol, diesel, gas reserves update — March 16, 2026

2026-03-16 - 07:54

ISLAMABAD: Pakistan currently has petrol reserves sufficient for 27 days, while diesel stocks will last for 21 days, Secretary Petroleum Hamed Yaqoob Sheikh informed the Senate Standing Committee on Petroleum on Monday. Global oil prices have surged by 40 to 50 percent after Iran choked off the waterway and attacked energy and shipping industry targets in the Gulf in retaliation for the US-Israeli war against the Islamic Republic. Briefing the committee, which met under the chairmanship of Senator Manzoor Ahmed, the secretary said tensions in the Middle East have disrupted petroleum supplies, as around 70 percent of Pakistan’s oil imports come from the region. He said petrol stocks in the country would last for 27 days, while diesel reserves are sufficient for 21 days. Crude oil stocks are available for 11 days, while liquefied petroleum gas (LPG) and liquefied natural gas (LNG) reserves are sufficient for about nine days. The country also has JP-1 (jet fuel) reserves for 14 days. During the meeting, Senator Manzoor Ahmed questioned the increase in fuel prices despite the country previously having reserves for 28 days. The secretary told the committee that global oil prices have surged sharply, with the price of high-speed diesel in the international market rising from $88 to $187 per barrel, while petrol prices have risen from $74 to $130 per barrel. He said oil shipments from Arab countries usually arrive in Pakistan within four to five days, but shipping movements are currently disrupted due to the regional situation. Hamed Yaqoob Sheikh added that the government has temporarily allowed the import of oil below Euro-5 standards to ensure fuel availability. He also said that a ministerial committee formed by Prime Minister Shehbaz Sharif is reviewing the petroleum supply situation daily. Despite rising international prices, petroleum products remain available across the country, he added. Earlier, the government increased the price of kerosene oil by Rs39.20 per litre while keeping petrol prices unchanged for the week ending March 20. With fresh price notification, Kerosene, commonly described as the poor man’s fuel, has become the most expensive consumer product at Rs358 per litre and has seen the highest increase among all fuels since March 7. According to the Ministry of Energy, the Pakistan government will pay Rs23 billion in price differential subsidy for payments to oil marketing companies (OMCs) to keep the petrol prices unchanged despite hike in international market.