The federal government is exploring early market closures as part of measures to manage the energy crisis, Federal Minister for Petroleum Ali Pervaiz Malik has said on Friday. The proposed step comes in the wake of tensions in the Middle East affecting global energy and oil markets.

 

Speaking on a private news channel’s program, Malik said that a meeting with the chief ministers of all four provinces took place the previous day to discuss possible austerity measures. “The participants sought consideration over early market closures as part of austerity measures,” he noted. 

 

He added that under the plan, markets would shut earlier than usual, while wedding halls and restaurants could continue operations until 10pm.

 

The minister outlined the international context behind the energy crunch. Following American and Israeli strikes on Iran on February 28, Tehran blocked the Strait of Hormuz and targeted oil refineries across the Gulf region, disrupting global oil supplies.

 

Malik highlighted the seriousness of the economic situation, saying that the government is preparing for major financial challenges. He mentioned that Finance Minister Muhammad Aurangzeb is scheduled to travel abroad next week for meetings with the International Monetary Fund and the World Bank. “In these discussions, Pakistan will outline the scale of the economic pressures it is facing and the need to reassess its overall economic framework,” he said.

On the domestic energy front, Malik said that after disruptions in gas supply from Qatar, local gas fields have stepped in, supplying 400 to 500 Million Standard Cubic Feet per Day (MMCFD) to stabilize the situation.

 

The remarks came days after a nationwide smart lockdown proposal was opposed by provinces during a high-level meeting chaired by President Asif Ali Zardari in Islamabad.