Petroleum Minister Ali Pervaiz Malik has said that if the war does not stop, oil prices could double and supply disruptions may also occur.
Speaking on a private TV programme, Ali Pervaiz Malik stated that Pakistan has imported oil from the United States, Africa, Libya, and Nigeria to maintain supply, but it will take time for the new shipments to arrive.
Meanwhile, addressing the National Assembly, Finance Minister Muhammad Aurangzeb said that despite the global rise in oil prices and shortages in some countries, Pakistan has managed the situation effectively. He added that the government has not only announced subsidies but is also implementing them.
The finance minister further said that imports and exports have not been negatively affected so far and that Pakistan is playing an effective diplomatic role. However, the energy infrastructure is facing challenges. He revealed that subsidies worth Rs129 billion were provided on petroleum products from March 14 to April 4, and targeted subsidies are being given to small farmers.
According to sources, austerity measures, government subsidies, and rising oil prices have not reduced the country’s demand for oil. In the second phase, there is now a possibility of rationing petroleum products. Sources added that if the war prolongs, the government may consider preserving oil reserves, which could lead to limited fuel supply.
