PM forms committee to review impact of global oil prices surge

2026-03-02 - 10:24

Prime Minister Shehbaz Sharif has constituted a high-level committee to review the impact of the surge in global oil prices on Pakistan in the aftermath of the US-Israel attack on Iran. According to a notification issued by the Prime Minister’s Office on Monday, an 18-member committee will monitor price volatility and devise a mitigation strategy for Pakistan’s economy. Committee headed by Federal Minister for Finance and Revenue Muhammad Aurangzeb includes the minister for petroleum, minister for power, minister of state for finance, the governor of the State Bank of Pakistan, secretaries of petroleum, power and finance, the chairman of the Federal Board of Revenue, the special secretary to the prime minister, the chairman of the Oil and Gas Regulatory Authority, the managing director of Pakistan Refinery Limited, the head of supply chain of Pakistan State Oil, the head of Pakistan LNG Limited, the managing directors of SNGPL and SSGC-LPG, and representatives of the Inter-Services Intelligence and the Intelligence Bureau. The Petroleum Division will notify the committee and provide secretarial support. The committee will meet daily, submit its report to the prime minister, and may co-opt additional members if required to fulfil its mandate. The committee will closely monitor forward and futures prices of petroleum products and assess the predictability of the supply chain in view of the current conflict in the region. It will also determine the foreign-exchange implications of oil price volatility in the short and medium terms and suggest measures to ensure that petroleum supply remains uninterrupted and markets remain adequately supplied. The committee has been tasked with carrying out a detailed analysis of the fiscal impact in the event of a prolonged conflict and reviewing the broader effects of the war on Pakistan’s economy. Martyrdom of Ali Khamenei: Nine dead, 18 injured in clashes outside US Consulate in Karachi