Save Our Pak
Islamabad (12 March 2026): Finance Minister Muhammad Aurangzeb has hinted that petrol prices may increase again in the coming days.
While speaking about the country’s economic situation, the finance minister said that the government is trying to reduce expenses and follow a policy of savings on the instructions of the prime minister. However, he also warned that petroleum product prices could rise further due to market conditions.
Meanwhile, Petroleum Division Minister Ali Pervaiz Malik gave a briefing to a Senate committee about the rising fuel costs. He explained that discussing crude oil prices on television may seem simple, but the oil must go through refinery processing before it becomes usable fuel.
He said that on March 1, diesel was priced around 88 dollars per barrel, but by March 6, the price had jumped to 149 dollars per barrel. He also mentioned that shipping costs have increased sharply. A cargo that previously cost about 700,000 dollars now costs nearly 7 million dollars.
During the meeting, Senator Farooq H. Naek criticized the price hike and said that when Israel launched missiles at Iran, the government launched a “petrol missile” on the people of Pakistan.
In response, the petroleum minister said the increase in fuel prices was made after consultation within the government. He explained that earlier petroleum stocks were purchased at around 70 dollars, but now new supplies must be bought at 120 dollars per barrel.
The minister further said that if prices had not been increased, the difference would have created a large circular debt in the energy sector. He also warned that if the government had tried to control prices by giving subsidies, it could have caused a shortage of petroleum products in the market.
He explained that it usually takes around 20 days for Pakistan to import petrol shipments. If prices had not been adjusted quickly, companies might have stopped importing fuel, which could have led to a severe shortage.
He added that if such a situation had occurred, fuel depots could have faced unrest and public pressure. He pointed out that Bangladesh experienced protests when fuel supply problems happened there. Meanwhile, India is still providing subsidies on fuel to keep prices lower.
Senator Farooq H. Naek questioned who actually benefits from the increase in petroleum prices. He said a large portion of Pakistan’s population is poor and cannot afford a 55-rupee increase in petrol prices.
Responding to the criticism, the petroleum minister said no government official feels happy about increasing prices for the public. However, he added that sometimes such decisions become necessary due to international market pressures and economic realities.
Reported by Save Our Pak
