KARACHI: Mian Zahid Hussain, President Pakistan Businessmen and Intellectuals Forum & All Karachi Industrial Alliance and Chairman National Business Group Pakistan, Chairman Policy Advisory Board FPCCI, has urged the Ministry of Energy to immediately assess and expand strategic fuel reserves while accelerating the implementation of the Green Pakistan Energy Policy 2026 to reduce reliance on imported fuels. Additionally, he emphasized that the government must work closely with Gulf partners to ensure the security of Pakistani workers and maintain the continuity of trade and financial channels. He said that in an era where global energy security is being used as a weapon, Pakistan must prioritize self-reliance and strategic foresight to protect its businesses and citizens from external shocks. Commending the Prime Minister’s swift decision to create a high-level contingency committee dedicated to strategizing and ensuring Pakistan’s economic and energy security amid the unprecedented military escalation between the United States, Israel, and Iran, he expressing deep concern over the massive joint air strikes launched since February 28, which have targeted over 2,000 locations including the Iranian supreme leader, military leadership, civilian and nuclear facilities, and Iran’s severe attacks by targeting US air bases in Gulf countries. Mian Zahid Hussain warned that the resulting regional instability threatens to derail Pakistan’s fragile path toward economic recovery. He noted that the geopolitical fallout has already manifested in severe market volatility, with Brent crude oil prices surging by 15pc to approximately USD83 per barrel within days. He cautioned that a prolonged conflict could easily push prices beyond the USD100 mark, a scenario that would be devastating for Pakistan’s industrial sector and consumer inflation. With nearly 20pc of the world’s liquefied natural gas (LNG) and oil passing through the Strait of Hormuz, the effective closure of this maritime chokepoint by Iran and the suspension of insurance coverage for vessels, including manifold fare hikes, are creating a supply chain crisis that endangers the nation’s energy imports. Mian Zahid Hussain highlighted the particular vulnerability of Pakistan’s foreign exchange reserves, which the State Bank of Pakistan had targeted to reach USD18 billion by June. He pointed out that retaliatory strikes on U.S. bases in the UAE and Qatar—where millions of Pakistani expatriates reside—pose a direct threat to the safety of our Diaspora and the vital flow of remittances. Furthermore, the domestic unrest following these events, which has tragically resulted in the loss of over 25 lives during protests in Karachi, underscores the urgent need for a balanced and proactive diplomatic stance that prioritizes internal stability and regional peace. To mitigate these systemic risks, Mian Zahid Hussain proposed that Pakistan lead a diplomatic de-escalation effort through the United Nations and the OIC to prevent a total regional conflagration. Copyright Business Recorder, 2026