PM tasks ministers with preparing plan to conserve fuel, protect public supply

• Premier Shehbaz directs finance and petroleum ministers to visit and coordinate with provinces for strategy within 48 hours

• Orders immediate closure and license revocation for hoarding petrol pumps or companies

• Says strategy should not only minimise pubic burden but also prioritise their relief

• Information Minister urges public not to heed rumours; verified updates to continue

ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday directed the finance and petroleum ministers to visit and coordinate with provincial governments to devise a “comprehensive strategy” for the conservation of petroleum products and ensure uninterrupted supply to the public, state media reported.

“The strategy should not only minimise the burden on the public but also prioritise their relief,” the prime minister emphasized, instructing that actionable proposals be submitted within the next 48 hours.

PM Shehbaz issued the fresh directives during a meeting he chaired to review the country’s economic situation, according to a statement from the Prime Minister’s Office (PMO).

وزیراعظم محمد شہباز شریف کی زیرِ صدارت حالیہ عالمی تناظر میں ملکی معاشی صورتحال پر جائزہ اجلاس

وزیراعظم کا معاشی ترقی، سادگی اور بچت پر مبنی لائحہ عمل تشکیل دینے اور کمیٹی کو آئندہ 48 گھنٹوں میں اس حوالے سے قابلِ عمل تجاویز پیش کرنے کی ہدایت۔

وزیر اعظم نے گزشتہ ہفتے سے ہی حالیہ… pic.twitter.com/hABjq4e4CM

— Government of Pakistan (@GovtofPakistan) March 7, 2026

The instructions come in the wake of a Rs55 per litre increase in petrol and high-speed diesel prices, announced just hours after PM Shehbaz and Finance Minister Muhammad Aurangzeb assured the nation that petroleum reserves were sufficient and the situation remained under control.

“During the meeting, a briefing was given on the current global situation and its economic impacts on the region,” the PMO statement said.

وزیرِ اعظم محمد شہباز شریف کی زیرِ صدارت حالیہ عالمی تناظر میں ملکی معاشی صورتحال پر جائزہ اجلاس

وزیرِ اعظم کی معاشی ترقی، سادگی اور بچت پر مبنی لائحہ عمل تشکیل دینے کی ہدایت۔ وزیرِ اعظم کی کمیٹی کو مزید فعال طور پر کام کرنے اور جلد از جلد عوام کے لیے سہل اور قابلِ عمل سفارشات… pic.twitter.com/oES03h4ap8

— Government of Pakistan (@GovtofPakistan) March 7, 2026

The premier directed that a strategy emphasising austerity and savings be formulated in light of the current global economic pressures resulting from regional tensions.

Committee briefed on global impact

PM Shehbaz was also briefed by a committee he formed to assess the global economic impact of recent regional tensions.

The PMO said the committee informed the premier that the recent hike in petroleum prices was made based on their recommendations, and that only the minimum possible burden of the global price surge was passed on to consumers.

The prime minister instructed the committee to work actively and urgently to propose measures that would ease the burden on the people as soon as possible.

He also directed that any petrol pump or company found creating artificial shortages or hoarding fuel should be immediately shut down, its license revoked, and legal action taken against the violators.

 ‘Don’t heed speculations and rumours’

Taking to social media platform X, Information Minister Attaullah Tarar urged the public not to “pay attention to speculations and rumours.”

نائب وزیراعظم و وزیر خزانہ اور وزیر پیٹرولیم نے گزشتہ رات پیٹرولیم کی قیمتوں اور عالمی صورتحال جس کی وجہ سے تیل کی قیمتوں میں دنیا بھر میں اضافہ ہوا ہے، پر پریس کانفرنس کی۔ قیاس آرائیوں اور افواہوں پر دھیان نہ دیں۔ حکومت پاکستان اور متعلقہ وزارتیں وقتاً فوقتاً درست اور تصدیق…

— Attaullah Tarar (@TararAttaullah) March 7, 2026

He recalled that Deputy PM Ishaq Dar, Finance Minister Aurangzeb, and Petroleum Minister Ali Pervaiz Malik held a press conference on Friday night to explain the petrol price hike, which was “due to global factors.”

“The government of Pakistan and the concerned ministries will continue to release accurate and verified information regularly,” Tarar said, adding that other countries were facing similar challenges.

He said PM Shehbaz had given 48 hours for the formulation of a strategy for austerity in government affairs.

The information minister added that the premier had tasked the finance and petroleum ministers to meet the chief ministers of the four provinces to discuss measures against hoarding and ensure their strict implementation, so the public would not be exploited.

“The prime minister has directed that there will be no leniency for those attempting to exploit the public, and the licenses of violators will be cancelled,” he said.

Official explains process of fuel pricing

Separately, Adviser to Finance Minister Khurram Schehzad, in a post on X, explained how fuel prices are determined to improve public understanding.

How Oil/Petroleum Prices Are Determined

Some segments of the society have raised questions about how petroleum prices can be adjusted across the entire inventory or reserves.

At the same time, others have used the issue to fuel sensational narratives without fully…

— Khurram Schehzad (@kschehzad) March 7, 2026

“Fuel prices are calculated using the average Platts benchmark prices of petrol and diesel during the pricing period, along with exchange rate adjustments. Prices are not based on the cost of a specific shipment purchased weeks earlier,” he said.

He added that oil companies are legally required by the Oil and Gas Regulatory Authority (OGRA) to maintain around 20 days of mandatory stock, a requirement that has recently been increased due to regional tensions.

“This means companies are continuously selling fuel while simultaneously buying new cargo at prevailing international prices to replenish inventory. When a litre of fuel is sold today, it must be replaced at current international prices to maintain the reserve,” he explained.