In light of the recent increase in global oil prices following Israel's attack on Iran, the federal government of Pakistan has set up a high-level committee to oversee petrol prices, ensure continuous fuel supply, and assess the economic impact on the country.

Headed by the finance minister, this 16-member committee comprises key officials from the economic and energy sectors, including the Ministers for Petroleum and Power, the Governor of the State Bank, the FBR Chairman, and senior executives from OGRA, PARCO, PSO, and HUBCO.

This decision comes amidst escalating geopolitical tensions that could disrupt global oil supply chains and pose significant risks to Pakistan's economy.

As per an official notification from the Ministry of Energy (Petroleum Division), the committee will monitor petroleum futures, assess supply chain stability, analyze foreign exchange implications, and propose measures to stabilize the local market in this period of volatility.

The committee's responsibilities also involve developing contingency plans to avert fuel shortages and conducting a financial impact assessment in the event of an extended conflict. It will present weekly reports to the Prime Minister, with the inaugural meeting set for June 15 at the Ministry of Finance in Islamabad.