Says LNG imports from Qatar have been halted but demand will be met through local gas
Federal Finance Minister Muhammad Aurangzeb. Photo: File
Finance Minister Muhammad Aurangzeb said on Wednesday that Pakistan has sufficient petroleum supplies to meet domestic demand for nearly a month.
“There is no shortage of petroleum products. We have a 28-day cover available, while LPG is available for a further 15 days. LNG imports from Qatar have been halted, but demand will be met through local gas,” Aurangzeb said while addressing a meeting of the Senate Standing Committee on Finance.
The statement came in the wake of rumours circulating about a shortage of oil in the country amid the escalating Middle East crisis, which resulted in the closure of the Strait of Hormuz and attacks on Saudi oil refineries.
The meeting was chaired by Senator Saleem Mandviwalla, where members were briefed on the country’s economic situation. It was attended by the finance minister, the governor of the State Bank of Pakistan (SBP), and senior officials from the Ministry of Finance.
Read More: Petrol pump owners warn of potential fuel shortage amid ME crisis
Aurangzeb said Prime Minister Shehbaz Sharif had formed a special committee to monitor petroleum supplies on a daily basis.
“The committee is working on a daily basis and key decisions will be taken immediately. Petroleum reserves are available until the end of March. Supplies will be regulated, and measures will also be taken to conserve energy. If regional tensions persist, we will take steps to deal with their impact,” he said.
He warned that continued regional tensions could have economic implications, but said the government was prepared to respond if needed.
Meanwhile, Saudi Arabia has also assured Pakistan of full support in securing an alternative oil supply route through the Yanbu Port as Islamabad seeks to safeguard energy supplies amid regional tensions.
The assurance came during a meeting held in Islamabad between Petroleum Minister Ali Pervaiz Malik and Saudi Ambassador Nawaf bin Saeed Al-Maliki on Wednesday.
Islamabad: Federal Minister for Petroleum, Ali Pervaiz Malik, held a meeting with H.E. Nawaf bin Said Al-Malki, Ambassador of the Kingdom of Saudi Arabia to Pakistan.Pakistan had requested alternative supply route via Yanbu Port in Red Sea, Saudi Arabia Assured Full Support. pic.twitter.com/z7ZG35Cq8b
— Petroleum Division, Ministry of Energy (@Official_PetDiv) March 4, 2026
Malik expressed hope that Pakistan would be given priority in oil supplies routed through Yanbu, a Red Sea port that offers an alternative to disrupted Gulf shipping lanes.
“He said Saudi sources have assured the security of supply through the Yanbu port in the Red Sea. A commitment has been made to send a ship from Pakistan to the Yanbu port for crude oil.”
Malik thanked Riyadh for its support during a challenging period for global energy markets. The Saudi ambassador reaffirmed Riyadh’s backing for Islamabad in case of emergency requirements. “Pakistan and Saudi Arabia will stand by each other during times of trial,” he added.
Earlier, the Oil and Gas Regulatory Authority (Ogra) said that they have high stocks of oil to meet 28 days of consumption requirement of the country, following pre-emptive measures to import surplus fuel.
Owing to the US-Israel and Iran war, however, two cargoes of crude oil have been stuck after the closure of the Strait of Hormuz. This channel is 21 miles (33 km) wide and a fifth of the world’s oil passes through it.
Read This: Iran war: Pak plans to import oil via Red Sea
The Strait of Hormuz was used to ship an average of 20 million barrels of crude, condensate and fuel per day last year. OPEC members like Saudi Arabia, Iran, the United Arab Emirates, Kuwait and Iraq depend on this shipping lane to export most of their crude, mainly to Asia.
“We have ample stocks of petrol and diesel to meet the country’s requirement,” officials said, adding that the country could meet the fuel needs of consumers for 28 days.
However, reports have emerged that the government has planned to import oil through the Red Sea from Saudi Arabia and the United Arab Emirates (UAE) due to the closure of the Strait of Hormuz, while also shifting to a weekly oil price review mechanism.
Sources told The Express Tribune that the government is currently working on various measures to ensure an uninterrupted oil supply amid the Iran-US-Israel war.
Pakistan imports around one million barrels of oil on a monthly basis, with Saudi Arabia being a key oil exporter to the country. The UAE also exports oil to Pakistan.
Sources said that UAE-based firm ADNOC and Saudi Aramco will supply oil to Pakistan by bypassing the Strait of Hormuz. One refinery has already imported a few shipments through the Red Sea. A couple of oil vessels have reached Pakistan, while others are en route.
