Says govt absorbs burden of Rs69b on petroleum products, efforts underway to minimise impact on public
Federal Finance Minister Muhammad Aurangzeb. Photo: File
Finance Minister Aurangzeb said on Sunday that a targeted relief package was being prepared for deserving segments of society to reduce the burden on the public in the wake of the recent fuel crisis caused by Middle East tensions.
Speaking to the media in Lahore, Aurangzeb invited the public to submit their suggestions for the relief package and said that all ministries, including Petroleum, IT, and Finance, were working on a joint strategy.
He said Prime Minister Shehbaz Sharif had discussed the country’s economic and energy challenges in detail during his address to the nation, noting that regional tensions and war-like conditions could affect energy infrastructure.
He added that the government had absorbed a burden of Rs69 billion on petroleum products and was continuing efforts to minimise the impact on the public.
Aurangzeb emphasised the need for sustainable, long-term solutions due to limited resources, adding that demand management and energy conservation measures were under consideration. He further said the supply situation was expected to improve by April, noting that resources were not unlimited.
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He said the government is reviewing the potential impact on the economy, trade, and investment, and is taking steps to improve the economic situation.
The finance minister highlighted that the supply system is being fully monitored.
Addressing the nation on the eve of Eidul Fitr, Prime Minister Shehbaz Sharif said that he had rejected advice to further raise fuel prices and the federal government would absorb the burden itself.
“In the context of the current situation, this Eid specifically demands from us humanity, national unity and collective responsibility. I think the real happiness of Eid is fulfilled when we share it with the needy and deserving around us and extend them the hand of kindness,” the PM said.
Over two weeks ago, the government had sharply increased diesel and petrol prices by Rs55 per litre or 20% — due to the ongoing US-Israel and Iran war, which disrupted supply chains and pushed crude oil prices to two years’ highest level.
