Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Friday said Pakistan currently had ample oil reserves and there was no need for panic, however the government was actively working on a comprehensive strategy to deal with any prolonged regional situation and its potential economic implications.
Ample oil reserves available for local consumption: Aurangzeb
ISLAMABAD, Mar 06 (APP): Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Friday said Pakistan currently had ample oil reserves and there was no need for panic, however the government was actively working on a comprehensive strategy to deal with any prolonged regional situation and its potential economic implications.
Addressing a press conference along with Deputy Prime Minister/ Minister for Foreign Affairs Senator Muhammad Ishaq Dar and Minister for Petroleum Ali Pervaiz Malik, the Finance Minister said a daily meeting was being held under the leadership of the Minister for Petroleum along with key economic stakeholders including the Minister for Power, Governor State Bank of Pakistan, Minister of State for Finance, Minister for Maritime Affairs and Minister for Information to assess the situation.
The finance minister said although the discussion was centered on petroleum products, energy and Pakistan’s economy were closely interconnected, therefore the government was evaluating the broader economic implications in the short, medium and long term.
He said the Minister for Commerce was also part of the process to review the possible impact on imports and exports.
Aurangzeb said that if the regional situation prolonged for weeks or months, the government was also assessing its possible effects on key macroeconomic indicators including inflation, foreign exchange reserves and remittances.
He said Pakistan was currently in a stable position in terms of macroeconomic indicators and resources were also in a comfortable position.
He said there was no panic discussion, however the government was undertaking scenario planning and analysis to ensure a proactive response.
The minister said enforcement and demand management would remain important aspects, adding that he had held detailed discussions with the Minister for Petroleum over the past few days regarding demand and load management.
He said the Prime Minister had directed that the Minister for Petroleum and himself would meet the chief ministers and chief secretaries of all four provinces within the next two days as implementation largely rested with the provinces.
Senator Muhammad Aurangzeb said the meetings aimed at sharing the latest assessment with provincial leadership and ensuring their complete cooperation and support in executing the strategy.
He added that the government had been working on the issue for the past five to six days and any announcement regarding pricing transmission and the way forward would be made by the Minister for Petroleum.
