Pakistan to unveil national energy plan amid regional volatility

The government of Pakistan said it will formulate a National Action Plan on energy conservation as officials reviewed petroleum stocks and contingency measures on Wednesday amid uncertainty in regional energy markets. The decision was taken at a meeting of a committee constituted by Prime Minister Shehbaz Sharif to monitor petrol prices in light of the evolving regional situation. The meeting, held at the Finance Division, was chaired by Finance Minister Senator Muhammad Aurangzeb. Officials briefed participants that the country maintains comfortable stock levels of crude oil and refined petroleum products, including petrol, diesel, aviation fuel, and liquefied petroleum gas (LPG). They reviewed available reserves, days of cover and daily consumption patterns, and described the overall supply position as stable. The committee also examined developments in global oil markets, including movements in benchmark prices, freight and insurance costs, and shipping route dynamics. Special attention was given to uncertainty surrounding the Strait of Hormuz, a key corridor for global energy trade. Officials said liquefied natural gas (LNG) imports under long-term contracts remain a critical component of Pakistan’s energy mix, though disruptions in regional shipping routes could affect global LNG logistics. LPG inflows through cross-border channels are also being closely monitored to ensure domestic availability. Contingency measures discussed include engaging with international partners and exploring alternative sourcing routes. Officials said diplomatic and commercial contacts with friendly countries are ongoing to secure additional crude oil and petroleum supplies if needed. Efforts are also underway to diversify procurement options through regional energy hubs, including potential arrangements via ports in the Red Sea and Gulf region, to maintain refinery operations and ensure supply resilience. Energy conservation measures will form part of a broader national emergency strategy aimed at managing demand while maintaining market stability, officials said. They added that ensuring the uninterrupted availability of petroleum products remains the government’s top priority. Authorities have been directed to prevent hoarding, diversion, and smuggling of petroleum products, particularly during periods of international volatility, the statement said. Chief secretaries from all provinces, as well as representatives from Azad Jammu and Kashmir, are scheduled to join the committee’s meeting on Thursday to help finalize the proposed National Action Plan. The meeting was attended by federal ministers Ali Pervaiz Malik, Rana Tanveer Hussain, Sardar Awais Ahmad Khan Leghari and Minister of State for Finance Bilal Azhar Kayani, along with senior officials from relevant ministries and regulatory bodies, the statement said.