Finance Ministry denies statement on further petrol prices hike

ISLAMABAD: The Ministry of Finance has clarified that Finance Minister Muhammad Aurangzeb did not make any statement regarding an increase in petrol prices in Pakistan, ARY News reported.

In an official statement, the ministry said the minister briefed the Senate Standing Committee on Finance today and did not comment on any further hikes in petroleum prices. Reports circulating on television channels suggesting otherwise are inaccurate.

The statement added that while Minister Aurangzeb informed the committee about trends of rising global oil prices, he did not announce any decision on increasing petrol prices in Pakistan.

The clarification comes amid widespread speculation in the media about potential fuel price adjustments, as Pakistan monitors global market fluctuations closely.

The government recently increased petrol and diesel prices by Rs55 per litre, citing rising global oil costs linked to escalating tensions in the Middle East.

Under the new rates, petrol now costs Rs321.17 per litre, while diesel has risen from Rs275.70 to Rs335.86 per litre.

Aurangzeb made the remarks while briefing the Senate Standing Committee on Finance and Revenue meeting, held under the chairmanship of Senator Saleem Mandviwala.

The finance minister said the government was implementing austerity measures on the directions of Prime Minister Shehbaz Sharif, but warned that petroleum prices could rise further in the coming days due to regional developments and global market pressures.

He added that a ministerial committee has been formed by the prime minister to monitor petroleum product prices and supply on a daily basis.

“The situation in the region is changing moment by moment, so quick decisions are required regarding the purchase of petroleum products,” the minister said.

Meanwhile, opposition leaders strongly criticised the federal government over the massive increase in petroleum prices, warning that the move would further fuel inflation and poverty.

In a statement on X, Jamaat-e-Islami chief Hafiz Naeemur Rehman rejected the increase in petroleum prices and termed the decision unacceptable.