The government is closely monitoring the ongoing conflict between Iran and Israel but has no immediate plan to raise fuel prices, Finance Adviser Dr Salehuddin Ahmed said on Tuesday.

“We are observing the situation. If the fighting drags on, it may put pressure on us. But for now, we will wait,” he told reporters after a meeting of the Advisory Council Committee on Economic Affairs and Advisory Council Committee on Public Purchase at the Cabinet Division’s new conference room at the Secretariat.

Responding to a question on whether the conflict could affect domestic fuel prices, Dr Salehuddin said, “There has already been a slight rise in prices internationally, but it hasn’t affected the orders we’ve already placed.”

The government is also monitoring gas and LNG prices, he added.

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“If the LNG price goes up significantly, we will consider that in our planning. Fortunately, the LNG import proposal we approved today is at the old price. We’re lucky to be getting it at the earlier rate.”

Asked if there is any current impact on trade, he said, “No, there is no impact on trade as of now.”

On whether the government is taking any special preparations in anticipation of possible future disruptions, the adviser said, “The LNG and fertiliser import proposals we approved today are at previous prices. Any new proposals in the future may face price effects.”

Regarding contingency plan in case the war prolongs, Dr Salehuddin said the Energy Ministry is working on alternatives. “We heavily rely on LNG. The conflict could affect not only fuel but also fertiliser imports and maritime transport. Ships travel through the Strait of Hormuz which could be impacted. But I don’t think the war will last long.”

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In response to a question on whether fuel prices have already increased globally, he said, “Yes, prices have gone up in many countries, but we are not making any changes yet. We will wait and watch.”