Finance Ministry Denies Petrol Price Hike Statement Amid Speculation

The Ministry of Finance has issued a statement clarifying that Finance Minister Muhammad Aurangzeb did not suggest any increase in petrol prices in Pakistan. The clarification comes in response to misleading reports circulating on various television channels, which claimed that the minister had announced a hike in fuel prices.

According to an official statement from the Ministry, Minister Aurangzeb briefed the Senate Standing Committee on Finance today but did not comment on any further increases in petroleum prices. The statement emphasized that while the minister shared information on rising global oil prices, he did not announce any decisions regarding domestic fuel price adjustments.

This clarification follows media speculation about potential price hikes as Pakistan monitors global oil market fluctuations closely. Recently, Pakistan’s government raised petrol and diesel prices by Rs55 per litre, citing the impact of rising global oil costs and tensions in the Middle East. As a result, petrol now costs Rs321.17 per litre, and diesel has increased from Rs275.70 to Rs335.86 per litre.

During the Senate briefing, Minister Aurangzeb also informed the committee about the global oil price trends and warned that petroleum prices could rise further due to developments in the region and global market pressures. He noted that a ministerial committee has been set up by Prime Minister Shehbaz Sharif to monitor fuel prices and supply on a daily basis. He stressed that quick decisions were required due to the rapidly changing situation in the region.

Meanwhile, opposition leaders have condemned the recent increase in petroleum prices, warning that the hike would exacerbate inflation and poverty in the country. Jamaat-e-Islami chief Hafiz Naeemur Rehman took to X to reject the price hike, calling it an “unacceptable” decision.