Finance Minister Rejects Any Subsidy Ahead of Rising Petrol Prices

Federal Minister for Finance and Revenue Muhammad Aurangzeb on Thursday said that no decision has yet been taken regarding a subsidy on petroleum products despite concerns over rising fuel prices.

Speaking to the media outside Parliament in Islamabad, the finance minister said the government was closely monitoring the evolving situation and would review the option of a subsidy if required.

“We will see if any decision on a subsidy is taken,” Aurangzeb said while responding to a question regarding potential relief for consumers in the wake of increasing petroleum prices.

The minister said a special high-level committee meets daily at 2:00 pm to review the situation and assess developments related to energy supply and prices. He said the committee includes the ministers for petroleum and power, the governor of the central bank, and the minister of state for finance, along with other officials.

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Aurangzeb noted that the rapidly changing regional and global situation has made it necessary for the government to review developments on a daily basis.

He assured that Pakistan currently has adequate reserves of gas and diesel. The government, he added, is also working to identify the availability of LNG and LPG supplies in international markets.

“We are closely monitoring both the prices and supply of petroleum products in the current evolving situation,” the finance minister said.

Aurangzeb emphasized that the government would continue to keep the public informed as the situation develops and decisions are made.