Pakistan Minister: No Strategic Oil Reserves, 5-7 Day Stock

Pakistan's Federal Minister for Energy (Petroleum Division), Ali Pervaiz Malik, has publicly acknowledged the country's severe energy vulnerability, stating that Pakistan possesses no strategic oil reserves and holds only a critical 5-7 days' worth of crude oil stock. He further noted that refined petroleum products with Oil Marketing Companies (OMCs) could last approximately 20-21 days. This stark admission was made during an interview with Pakistan-based Samaa TV and has been widely reported by numerous credible news outlets, including The Times of India, NDTV, and The Sentinel (Assam), among others. Minister Malik explicitly drew a comparison with India, highlighting New Delhi's significantly stronger position in terms of energy security. He stated that India maintains an estimated 60-70 days of combined strategic and commercial reserves, which allows it to more effectively cushion the impact of global oil price shocks. Official Indian data corroborates this, indicating that India's total national capacity for crude oil and petroleum product storage is around 74 days, comprising 9.5 days from Strategic Petroleum Reserves (SPR) facilities and 64.5 days from Oil Marketing Companies. A spokesperson for India's petroleum ministry also stated in March 2026 that the country's "actual stock cover is around 60 days right now." This comparison underscores the significant disparity in energy preparedness between the two South Asian nations. The context for Minister Malik's statement is the ongoing surge in global crude oil prices, which have reportedly climbed to $126 per barrel, the highest since 2022. This increase is largely attributed to escalating geopolitical tensions in the Middle East, particularly the US-Iran conflict, which has led to disruptions in the Strait of Hormuz – a crucial global oil transit route. These disruptions have put immense pressure on import-dependent countries like Pakistan. Pakistan's precarious energy situation has translated into a deepening fuel crisis, characterized by rising petrol and diesel prices, long queues at fuel stations, and broader economic instability. The country's economy is already fragile, burdened by debt, and heavily reliant on external borrowing. The fuel crisis has led to increased transport costs, impacted agriculture during the sowing season, and forced the government to implement austerity measures and seek relief from institutions like the International Monetary Fund (IMF). In response to public frustration, Pakistan's government did announce a reduction in petrol prices, which was reportedly funded through the petroleum levy. Recognizing the critical vulnerability, Pakistan has initiated plans to develop its own Strategic Petroleum Reserves, aiming to build a fuel buffer of up to 90 days. A high-level committee, formed under Petroleum Minister Ali Pervaiz Malik, is tasked with finalizing recommendations for establishing SPR infrastructure, with a proposed Petroleum Development Levy (PDL) on petrol and diesel to finance the project. This move indicates a recognition of the urgent need to enhance the country's energy security and resilience against future global shocks. International benchmarks, such as those set by the International Energy Agency (IEA), suggest members maintain reserves equivalent to 90 days of consumption, a target Pakistan is now aspiring to achieve. In contrast, India's proactive energy security strategy involves not only maintaining substantial reserves but also diversifying crude oil import sources, bypassing conflict zones, and strengthening diplomatic engagements with major oil-producing countries. India is also pursuing a multi-vector diversification matrix, balancing sourcing across various geopolitical zones and utilizing flexible contract terms to minimize concentration vulnerabilities. India's robust foreign exchange reserves and its ability to manage fuel taxes have allowed it to maintain relatively stable petrol and diesel prices despite global fluctuations, further highlighting the economic disparity with Pakistan. The verified claims affirm the accuracy of the Hindustan Times article's headline and core facts. The news is grounded in recent statements by Pakistan's Petroleum Minister and is corroborated by multiple reputable national and international news agencies.

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