Islamabad — Muhammad Aurangzeb, the Federal Minister for Finance and Revenue, has hinted that petroleum prices in Pakistan may rise further in the coming days. His statement comes at a time when consumers are already struggling with a major increase in fuel costs.
The government recently raised the prices of petrol and diesel by Rs55 per litre, attributing the hike to rising international oil prices linked to growing tensions in the Middle East. Following the revision, petrol is now priced at Rs321.17 per litre, while diesel has jumped from Rs275.70 to Rs335.86 per litre.
Aurangzeb shared these remarks while briefing a meeting of the Senate Standing Committee on Finance and Revenue, which was chaired by Saleem Mandviwala. During the session, the finance minister explained that the government is implementing austerity measures on the instructions of Shehbaz Sharif. However, he cautioned that additional increases in petroleum prices cannot be ruled out due to shifting regional conditions and pressure from global markets.
He further informed the committee that the prime minister has formed a special ministerial committee responsible for closely monitoring petroleum product prices and supply on a daily basis. According to Aurangzeb, the regional situation is evolving rapidly, which requires swift decisions regarding the procurement of fuel supplies.
The minister also revealed that Qatar has declared force majeure amid the ongoing conflict, disrupting the import of liquefied natural gas (LNG). As a result, LNG cargo that previously cost around $25 million is now being purchased for nearly $100 million.
Aurangzeb additionally stated that the government is considering shutting down six urea fertiliser plants due to excess supply, noting that current stock levels are higher than last year.
Meanwhile, opposition parties strongly criticised the government over the sharp fuel price hike. Hafiz Naeemur Rehman, head of Jamaat-e-Islami, condemned the increase, arguing that the government had raised the petroleum levy earlier when global oil prices had dropped instead of passing relief on to the public. He warned that the latest price hike would further intensify inflation and increase financial pressure on citizens.
Also Read: Massive Rs55 Increase Pushes Petrol Price to Rs321
