ISLAMABAD: Finance Minister Muhammad Aurangzeb has indicated a possible further increase in petroleum product prices in the coming days. Speaking at a meeting of the Senate Standing Committee on Finance, Aurangzeb said the government is implementing austerity and cost-saving measures on the instructions of the prime minister, but petroleum prices are still expected to rise in the near future. During the meeting, officials from the Petroleum Division informed the committee that Pakistan currently has five refinery plants, most of which are outdated. Officials also revealed that two oil tankers carrying crude oil for Pakistan are currently stuck in the Strait of Hormuz. During the discussion, Senator Farooq H. Naek questioned who benefits from repeated increases in petroleum prices, stating that Pakistan’s poor cannot bear an additional Rs55 hike in fuel prices.

Source: The Patriot March 12, 2026 11:26 UTC