Pakistan, June 22 -- The Oil and Gas Regulatory Authority (OGRA) has issued a fresh directive to all oil marketing companies, reminding them of their legal obligation to maintain a 20-day reserve of petroleum stocks. On the surface, this may seem like a routine compliance notice but in reality, it reflects deeper concern within the state apparatus over Pakistan's exposure to global oil volatility, especially amid fresh conflict in the Middle East.

This renewed caution is justified. As oil prices climb in response to the intensifying confrontation between Israel and Iran, the risk of a supply disruption is no longer theoretical. Pakistan, which imports over 80% of its crude oil and petroleum products, remains heavily vulnerable to externa...