The Committee to Monitor Petrol Prices was informed on Thursday that the country has adequate stocks of petroleum products to meet demand for April and beyond, amid concerns over global supply disruptions.

Earlier this month, the government sharply increased petrol and diesel prices by Rs55 per litre, or 20 per cent, citing disruptions in global supply chains caused by the ongoing US-Israel and Iran war, which pushed crude oil prices to a two-year high.

In response, Prime Minister Shehbaz Sharif constituted a monitoring committee to oversee petroleum prices and supply after global oil routes were affected by the closure of the Strait of Hormuz during the Middle East conflict.

Read: Pakistan stresses coordinated economic, energy response amid regional tensions

A meeting of the committee was chaired by Deputy Prime Minister and Foreign Minister Ishaq Dar today to review the country’s petroleum stocks and assess preparedness in light of the evolving regional situation.

"FM was briefed that the country currently has adequate stocks of petroleum products to meet demand for the month of April and beyond. He expressed satisfaction over the existing supply position and directed the relevant ministries and all concerned authorities to maintain close coordination, ensure uninterrupted availability, and take all necessary measures to safeguard adequate supply in the coming weeks," said a post on the deputy premier's X account.

The meeting was attended by federal ministers for petroleum and economic affairs, Special Assistant to the Prime Minister Tariq Bajwa, federal secretaries, as well as provincial chief secretaries and senior officials.

He also chaired a meeting of an austerity committee that assessed the effectiveness of ongoing initiatives to ensure fiscal discipline in the prevailing situation.

FM Dar expressed satisfaction over the progress achieved so far, particularly in curtailing non-essential expenditures and improving resource efficiency. He also directed the relevant ministries and departments to further strengthen monitoring mechanisms, ensure strict compliance with prescribed guidelines and ensure fiscal discipline.

Last week, the government decided to conduct daily reviews of petroleum reserves to closely monitor the energy situation following the Middle East crisis and the closure of the Strait of Hormuz.

The country, running low on petroleum reserves, breathed a sigh of relief as the first shipment arrived last week in Pakistan’s maritime zone.

On Monday, President Asif Ali Zardari directed the government to minimise the burden of rising petroleum prices on the public, which has been significantly affected by the recent increase.

The country’s top civilian and military leadership today underscored the need for national consensus and closer institutional coordination to address emerging regional challenges, as Pakistan faces pressure from rising energy costs and geopolitical uncertainty.