The Oil and Gas Regulatory Authority (Ogra) has advised all oil marketing companies (OMCs) to ensure the maintenance of their mandatory 20-day stock levels in light of the Iran-Israel conflict's impact on global oil supply.

In a statement released recently, the authority's spokesperson stated that the country currently has sufficient stocks of petroleum products to meet the existing demand. However, Ogra has formally advised all OMCs to maintain their 20-day stock levels to prepare for future requirements and the prevailing market conditions.

Ogra remains dedicated to closely monitoring the situation and taking proactive measures to ensure national energy security.

A high-level meeting was held to review petroleum product prices and supply dynamics in response to the evolving geopolitical situation following Israel's recent attack on Iran and the resulting volatility in international oil markets.

The committee, formed by Prime Minister Shehbaz Sharif, is tasked with monitoring petroleum product pricing and supply dynamics. Finance Minister Muhammad Aurangzeb chaired the committee's first meeting, attended by senior representatives from federal ministries, regulatory authorities, and energy sector experts.

The committee's formation highlights the government's proactive stance in safeguarding national energy interests and ensuring market stability amid heightened international uncertainty.

During the meeting, members assessed the global and domestic petroleum market situation and expressed satisfaction that Pakistan currently has adequate stocks of petroleum products with no immediate risk of supply disruption. However, continued vigilance is emphasized due to the rapidly changing regional context.

To ensure timely response and coordination, a working group will monitor daily developments, while the full committee will meet weekly to review the situation and provide recommendations to the prime minister.

The committee is responsible for monitoring forward/futures prices of petroleum products, supply chain predictability, and Forex implications of price volatility in the short and medium term. It will also suggest a plan if needed to prevent supply disruptions and conduct a detailed fiscal impact analysis in case of a prolonged conflict.

The Petroleum Division will provide secretarial support and ensure effective implementation of the committee's mandate. The government remains fully committed to maintaining energy security, stabilizing markets, and protecting national interests during this critical time.