Prime Minister Shehbaz Sharif has set up a high-level committee to oversee the pricing and supply of petroleum products in response to escalating regional conflicts.

The committee, chaired by Finance Minister Muhammad Aurangzeb, comprises senior officials from federal ministries, regulatory bodies, and energy experts.

Its main objective is to monitor petroleum product prices, supply chain predictability, and potential forex implications due to ongoing conflicts in the region.

The committee will also analyze the fiscal impact of prolonged conflicts and propose strategies to prevent supply disruptions and ensure market stability.

Internationally, oil prices have been volatile following recent hostilities between Israel and Iran, raising concerns about potential disruptions in oil exports from the Middle East.

During its first meeting, the committee assessed the global and domestic petroleum market situation and confirmed Pakistan's current adequate stock levels.

However, continuous vigilance is advised given the rapidly changing regional landscape.

To facilitate prompt responses and coordination, a working group will monitor daily developments, while the full committee will convene weekly to review the situation and provide recommendations to the prime minister.

The Petroleum Division will offer secretarial support and ensure the committee's directives are effectively carried out.

The government's priority remains safeguarding energy security, market stability, and national interests amidst the current crisis.