Pakistan Forms Committee to Monitor Fuel Amid Crisis

ISLAMABAD: (Web Desk) – Prime Minister Shehbaz Sharif has established an 18-member committee to closely monitor the demand and supply of petroleum products in Pakistan, in response to escalating tensions in the Middle East following US and Israeli strikes on Iran.

According to a private news channel, the committee will track petroleum stocks across the country daily, oversee price fluctuations, and provide recommendations to ensure uninterrupted fuel supplies nationwide.

The panel includes the federal ministers for petroleum and power, secretaries of finance and petroleum, and the chairman of the Federal Board of Revenue, reflecting the government’s multi-departmental approach to energy security.

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Global energy markets have been highly volatile after weekend airstrikes on Iranian nuclear and military facilities, which reportedly killed Iran’s supreme leader Ali Khamenei. In retaliation, Iran launched missile attacks targeting Israel and Gulf states hosting US military bases, including the United Arab Emirates, Qatar, Bahrain, and Kuwait.

Brent crude oil surged up to 13% in early Monday trading to $82.37 per barrel, marking its highest intraday price since early 2025, while US West Texas Intermediate climbed nearly 7% to around $75.33 per barrel. Analysts warn that prolonged disruption in the Strait of Hormuz, a vital shipping chokepoint handling roughly 20% of global oil shipments, could drive crude prices toward $100–$130 per barrel.

The conflict has disrupted navigation and shipping operations in the region, with insurers withdrawing coverage for vessels, raising concerns about the global supply of oil and liquefied natural gas.