Islamabad, Pakistan – Web Desk: Pakistan is expected to announce revised petroleum prices on Saturday, with officials saying it is unclear whether fuel prices will increase or decrease amid rising global oil costs.
Speaking during a briefing to the Senate Standing Committee on Finance chaired by Saleem Mandviwalla in Islamabad, Petroleum Minister Ali Pervaiz Malik said the government will determine the new fuel prices based on the average international price of petroleum products.
“An announcement regarding petroleum prices will be made today. At this stage, it cannot be said whether petrol will become more expensive or cheaper,” Malik told the committee.
He explained that Pakistan imports crude oil mainly from Gulf countries. Crude shipments through the Strait of Hormuz typically reach Pakistan within four to five days.
Malik added that Saudi Arabia would supply crude oil to Pakistan through its Yanbu port, with shipments expected to arrive within 15 to 20 days. He also said two vessels of the Pakistan National Shipping Corporation remain stranded near the Strait of Hormuz due to regional tensions.
According to the petroleum minister, oil import operations are facing challenges, including a shortage of available tankers and difficulties in securing insurance for shipments. Once crude arrives, local refineries could take up to 15–20 days to ensure full supply operations.
Malik noted that international petroleum prices have surged significantly, rising from around $78 per barrel to nearly $120 per barrel in recent weeks.
Meanwhile, Finance Minister Muhammad Aurangzeb told the committee that global oil price volatility could affect Pakistan’s economy. He said the International Monetary Fund has already issued a statement noting that the impact of ongoing regional conflict on Pakistan’s economy is being closely monitored.
Aurangzeb warned that if the conflict persists for a prolonged period, Pakistan could face increased pressure on its external payments and foreign exchange reserves. He also cautioned that overseas remittances may be affected if the regional crisis deepens.
