ISLAMABAD: Prime Minister Shehbaz Sharif on Monday directed petroleum distribution companies to sell fuel at government-set rates, his office said, as Pakistan moves to curb hoarding amid escalating tensions in the Middle East.
Global oil markets have been shaken since the United States and Israel carried out attacks on Iran last month. Tehran later responded by targeting U.S. interests in the Gulf and effectively disrupting traffic through the Strait of Hormuz. The developments pushed oil prices higher worldwide as key energy shipping routes came under pressure.
Pakistan has announced austerity measures to reduce fuel consumption but has maintained that sufficient petroleum stocks are available in the country. Authorities have also warned of strict action against those found hoarding petroleum products.
Sharif chaired a review meeting in Islamabad to assess steps aimed at maintaining economic stability and providing relief to citizens in light of the regional conflict, according to a statement from the Prime Minister’s Office.
The prime minister directed petroleum distributors to ensure the sale of fuel at government-determined prices and to maintain transparency in the process.
He said timely government measures had ensured adequate petroleum supplies in the country.
Earlier this month, Sharif announced austerity measures that included the temporary closure of schools and the shift of higher education classes to online platforms. A four-day working week was also introduced along with cuts in government expenditures.
The Prime Minister’s Office said instructions had been issued to conduct third-party audits to ensure the implementation of austerity and energy conservation measures.
Economic stability and public relief remain the government’s top priorities, Sharif was quoted as saying.
Pakistan fears that prolonged disruption in the Strait of Hormuz — a route through which around 20 percent of global oil and gas supplies pass — could threaten the country’s energy stocks, increase shipping costs and worsen pressure on its balance of payments.
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Islamabad has urged all parties to reduce tensions in the Middle East and resolve disputes through dialogue and diplomacy.
