Federal Petroleum Minister Ali Pervaiz Malik has urged the public to reduce fuel consumption, saying the government cannot control rising international oil prices and that lower demand is the only way to limit the impact of global market volatility.
Speaking on a private channel program, Malik said Pakistan currently has adequate petroleum reserves and that oil marketing companies are required to maintain at least 20 days of fuel stocks under their licensing conditions. He added that local refineries are holding crude oil inventories sufficient for five to seven days.
The minister said international developments continue to put pressure on oil markets, including United States President Donald Trump’s proposal to impose a 20 percent fee on ships carrying Iranian oil.
He also claimed the Strait of Hormuz is effectively closed, although Pakistan continues to receive petroleum supplies through Fujairah and other routes.
Malik said the petroleum levy is currently lower than it was before the recent regional conflict and called on both the government and the public to support energy conservation efforts. He urged authorities to adopt austerity measures while encouraging consumers to reduce unnecessary fuel use to help manage rising energy costs.
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