Former provincial minister and the President of UMT, Ibrahim Hasan Murad has raised serious concerns over the rising prices of petroleum products in Pakistan, stressing that the country must increase its strategic petroleum reserves to at least 90 days to ensure national energy security.
In a statement issued on Saturday, Murad said that maintaining long-term petroleum reserves is critical for any country, particularly during wartime or national emergencies. He emphasized that adequate reserves not only safeguard national security but also help stabilize the economy during global supply disruptions.
According to Murad, Pakistan currently maintains petroleum reserves equivalent to about 28 days, which he described as insufficient for a country facing frequent energy challenges. He explained that most of the available reserves consist of commercial stocks held by oil marketing companies, refineries and importers, rather than a well-structured national strategic reserve system.
The former minister warned that the absence of a coordinated national strategy for petroleum storage leaves Pakistan vulnerable to sudden supply shocks and price volatility in the global energy market.
Murad also criticized the recent surge in fuel prices, arguing that under prevailing circumstances the price of petroleum products should not have exceeded Rs299 per litre. He suggested that the government could have provided meaningful relief to consumers by adjusting the petroleum levy, which currently stands at Rs85 per litre.
Highlighting past policy recommendations, Murad noted that even the Federal War Book prepared in the 1980s had advised Pakistan to maintain petroleum reserves for 45 to 60 days. However, he said the proposal was never fully implemented, resulting in the country still falling short of international standards for strategic energy reserves.
To address the issue, Murad proposed the development of modern oil storage facilities through public-private partnerships. He said such initiatives would strengthen Pakistan’s energy infrastructure, increase petroleum reserves and enhance the country’s ability to manage potential energy crises in the future.
Related: Ibrahim Murad Congratulates Tarique Rahman on Electoral Success
He concluded that building sufficient strategic petroleum reserves should be treated as a national priority to protect Pakistan’s economic stability and energy security in an increasingly uncertain global environment.
