Pakistan is preparing contingency measures to manage its energy supplies as global oil prices surge due to escalating tensions in the Middle East, officials said during a high-level meeting in Karachi.
The meeting, held at the Chief Minister’s House, was attended by senior federal and provincial leaders including Murad Ali Shah, Muhammad Aurangzeb and Ali Pervaiz Malik, along with key officials from energy and finance departments.
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Officials warned that if the ongoing conflict involving Iran, Israel and the United States intensifies further, global crude oil prices could climb to $120 per barrel. Such a surge would significantly increase Pakistan’s fuel import costs and add pressure on the national economy.
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According to Finance Minister Aurangzeb, the country’s monthly oil import bill could rise by around $600 million if prices continue to increase. He said the government was closely monitoring global energy markets and preparing financial measures to cushion the economic impact.
The federal government has already raised petrol and diesel prices by Rs55 per litre following the spike in global oil prices. Authorities are also considering energy conservation measures to control fuel consumption and maintain sufficient reserves.
Petroleum Minister Malik told the meeting that three petrol cargoes were expected to arrive in Pakistan by Monday to help maintain supply. However, concerns remain over liquefied natural gas shipments after Qatar reportedly issued a force majeure declaration that could disrupt LNG deliveries.
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To secure alternative supplies, Pakistan has intensified diplomatic engagement with key energy partners including Saudi Arabia, Oman and the United Arab Emirates, exploring shipping routes that bypass the strategically sensitive Strait of Hormuz.
Officials also agreed to strengthen coordination between federal and provincial authorities to prevent fuel hoarding and ensure smooth distribution nationwide.