Finance minister says petrol price decision rests with petroleum ministry

Federal Finance Minister Muhammad Aurangzeb has clarified that any decision regarding changes in petrol and diesel prices in Pakistan will be taken and announced by the Ministry of Petroleum, as the final authority on petroleum product pricing lies with the relevant ministry.

Speaking on the matter, the finance minister stated that the government is currently reviewing multiple options aimed at providing relief to the public amid ongoing economic pressures. He added that authorities are closely monitoring global oil price movements, which continue to fluctuate due to geopolitical tensions and supply uncertainties.

Muhammad Aurangzeb noted that the impact of international crude oil prices is being assessed regularly, and policy decisions are being aligned with global market trends as well as domestic fiscal conditions. He emphasized that efforts are underway to stabilise the economy and reduce the burden on consumers where possible.

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His remarks come at a time when global oil markets have once again become volatile following renewed fighting between the United States and Iran, which has raised concerns over energy supply routes, particularly the Strait of Hormuz, a critical passage for global oil and liquefied natural gas shipments.

International oil prices rose on Friday as Brent crude futures increased by 67 cents to $100.73 per barrel, while West Texas Intermediate (WTI) crude rose by 45 cents to $95.26 per barrel. The surge followed earlier reports of potential diplomatic progress between the US and Iran, which had briefly eased market tensions before fresh conflict escalated.

Energy analysts have warned that continued instability in the Middle East could further disrupt global supply chains and lead to sustained price volatility. Market experts say that oil prices remain highly sensitive to geopolitical developments, particularly in key shipping corridors.

The government’s upcoming decision on fuel prices is expected to reflect both international trends and domestic economic considerations.