Federal Minister for Petroleum Ali Pervaiz Malik has called on the public to reduce fuel consumption, saying Pakistan has limited ability to control rising international oil prices and that lower domestic demand is the most effective way to lessen the impact of global market volatility.
Speaking during a private television program, the minister said the country currently has sufficient petroleum reserves to meet domestic demand. He noted that oil marketing companies are required under their licensing conditions to maintain fuel stocks for at least 20 days, while local refineries have crude oil inventories that can sustain operations for five to seven days.
Malik said international developments continue to create uncertainty in global energy markets, including a proposal by US President Donald Trump to impose a 20 percent fee on ships transporting Iranian oil, which could further affect oil prices.
The minister also claimed that the Strait of Hormuz is effectively closed but said Pakistan continues to receive petroleum supplies through Fujairah and other alternative routes.
He added that the petroleum levy remains lower than it was before the recent regional conflict and stressed the need for both the government and the public to adopt energy conservation measures.
Malik urged government institutions to implement austerity measures while encouraging consumers to avoid unnecessary fuel consumption to help reduce pressure from rising global energy prices.
