ISLAMABAD (APP) - Federal Minister for Petroleum Ali Pervaiz Malik on Wednesday said that Pakistan successfully ensured uninterrupted fuel supplies and maintained market stability despite unprecedented global challenges in the energy sector.
Speaking at SDPI’s conference titled “Energy Debate: Way Forward for Fiscal Discipline,” the minister said the government effectively managed an extremely difficult situation marked by soaring global oil prices, shipping disruptions, and record-high insurance premiums.
He said the recent crisis had reinforced the importance of strengthening Pakistan’s energy security framework through greater resilience, diversification, expanded storage capacity, infrastructure development, and institutional preparedness.
Ali Pervaiz Malik said energy security was not limited to the procurement of fuel from multiple jurisdictions but also depended on flexibility, coordinated response mechanisms, and preparedness to deal with external shocks.
Highlighting the magnitude of the challenge, he said Dubai crude prices had surged to nearly $170 per barrel, while diesel premiums climbed to around $285 per barrel—levels he described as unprecedented in global commodity market history.
The minister said disruption in passage through the Strait of Hormuz, shortage of vessels, and an extraordinary increase in insurance costs had significantly complicated oil imports, with freight insurance expenses rising sharply.
Despite these challenges, he said the government maintained seamless fuel availability across the country and honoured all contractual commitments, ensuring confidence and stability in the market.
Ali Pervaiz Malik appreciated the role of industry stakeholders and institutions in managing the crisis and said the government adopted a coordinated approach instead of pursuing short-term populist measures.
He said Pakistan managed the difficult period without adding a single rupee to the circular debt in the oil supply chain, describing it as a major achievement.
The minister said the government of Prime Minister Shehbaz Sharif had also succeeded in halting further accumulation of gas sector circular debt.
He further said that Pakistan would require an investment of around $200–300 billion to develop the infrastructure needed for expanding renewable energy.