Aurangzeb-led body to monitor oil price impact
ISLAMABAD: Prime Minister Shehbaz Sharif has constituted a high-level committee headed by Finance Minister Senator Muhammad Aurangzeb to monitor the impact of volatility in oil prices for Pakistan's economy and devise a mitigation strategy due to current conflict between Iran and Israel.
According to sources, Prime Minister's Office, in a letter of June 13, 2025 informed Petroleum Division that in the wake of Israel's attack on Iran, oil prices in the international market have seen a sudden spike.
Israel's attacks on Iran: Pakistan govt may fall short of Rs1,161bn PL target
In order to monitor the impact of volatility in oil prices for Pakistan's economy and devise a mitigation strategy, the Prime Minister has constituted the following committee: (i) Minister for Finance Convener; (ii) Minister for Petroleum (Member); (iii) Minister for Power (Member); (iv) Minister of State for Finance (Member); (v) Governor, State Bank of Pakistan (Member); (vi) Secretary Petroleum (Member); (vii) Secretary Power (Member); (viii) Secretary Finance (Member); (ix) Chairman FBR (Member); (x) Special Secretary to the Prime Minister (Member); ( xi) Raza Jaffery, Head of Research IMS (Member); (xii) Chairman OGRA (Member); (xiii) MD, PARCO (Member); (xiv) Mohsin Mangi, Chief Strategy Officer, PSO (Member); (xv) Haroon Rasheed, Ex-MD, Shell Pakistan Member and;(xvi) Kamran Kamal, CEO, HUBCO (Member).
The Terms of Reference (ToRs) of the Committee are as follows (i) closely monitor the forward/ futures prices of petroleum products and the predictability of supply chain in view of the current conflict in the region; (ii) determine Forex implications of price volatility for the short and medium term; ( iii) suggest a plan (if required) to ensure that there are no supply disruptions and the market is well supplied; and (iv) carry out detailed analysis of the fiscal impact, in the event of a protracted conflict.
The Committee may co-opt any other member as deemed necessary for the fulfilment of its mandate. The Petroleum Division shall provide Secretarial Support to the Committee. 5. The Committee shall submit its recommendations on a weekly basis for the perusal of Prime Minister.
Copyright Business Recorder, 2025
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