Federal ministers are addressing a press conference on the country’s fuel situation as the raging conflict in the Middle East grinds on and threatens supply lines.

Regional tensions escalated sharply after air strikes by the United States and Israel last week killed Ayatollah Ali Khamenei, Iran’s Supreme Leader, along with several senior officials. The strikes triggered retaliatory actions by Iran, widening the conflict across the region.

In response, Iran launched attacks on US military bases in several Gulf countries, significantly expanding the confrontation. Iran has also closed the Strait of Hormuz, halting the movement of oil supplies to many countries. As a result, crude oil prices were set on Friday for their strongest weekly gain since the extreme volatility seen during the COVID-19 pandemic in spring 2020, with shipping and energy exports through the key waterway disrupted.

Amid the unfolding crisis, Pakistan is also facing pressure as much of its energy supply depends on international imports. The government has therefore begun reviewing its strategy as the situation in the region shows no immediate signs of easing.

Deputy Prime Minister and Foreign Minister Ishaq Dar, Finance Minister Muhammad Aurangzeb and Petroleum Minister Ali Pervaiz Malik are addressing the press conference.

In a statement before the press conference, Adviser to the Khyber-Pakhtunkhwa Chief Minister on Finance Muzammil Aslam commented on the anticipated increase in petroleum product prices and described the current situation as requiring “extraordinary measures for extraordinary circumstances”.

Aslam expressed hope that the government would balance the impact of price hikes and not pass the full burden onto consumers. “Already, people’s budgets are very limited,” he noted.

He criticised the handling of the ongoing petrol crisis, stating that it had once again been “poorly managed”, while highlighting that long queues at petrol pumps were observed recently during Iftar time.

Aslam claimed that the congestion at petrol pumps was not due to an actual shortage but largely fuelled by rumours and speculation about price increases.

Earlier today, the government directed provincial authorities to launch strict action against hoarders of petroleum products and ensure uninterrupted fuel supply, while confirming that adequate reserves were available to meet the country’s needs. Officials informed a high-level meeting’s members that Pakistan currently had sufficient stocks of petroleum products to fulfil domestic requirements despite the evolving regional situation.

On Thursday, Malik warned of a possible gas crisis after saying that QatarEnergy had issued Pakistan a force majeure notice due to the ongoing war situation, forcing the country to explore alternative arrangements.

Speaking in an interview with a private news outlet, the minister said the circumstances were extraordinary as a regional war had broken out affecting several countries.

“There are some choke points in our energy supply chain, such as the Strait of Hormuz, which is being fully congested and blocked by Iran, disrupting supplies,” he said.

Malik said it was not yet clear when the crisis would end, but indications suggested that it could last “weeks, not days”, meaning existing reserves would need to be stretched as much as possible.

Given the uncertain situation, the minister stressed the need for demand curtailment and said decisions would be taken after the prime minister reviewed all proposals. He added that the government might consider measures similar to those adopted during the COVID-19 pandemic, such as encouraging work-from-home arrangements and discouraging physical meetings or intercity travel.