Federal Finance Minister Muhammad Aurangzeb has said that the final decision regarding the Petrol Price in Pakistan will be announced by the Ministry of Petroleum. His statement comes as global oil markets face renewed uncertainty due to rising tensions in the Middle East.
Speaking about fuel pricing, Aurangzeb clarified that the Petroleum Ministry is responsible for issuing official notifications related to petroleum product rates. He added that the government is currently reviewing different options to provide relief to the public.
The finance minister said authorities are closely monitoring international oil prices before making any final decision on the upcoming Petrol Price adjustment. He also stated that efforts are underway to improve Pakistan’s economic conditions and reduce pressure on citizens.
Global oil prices increased sharply on Friday after fresh fighting between the United States and Iran raised concerns over the stability of the Strait of Hormuz. The route is considered one of the world’s most important transit points for oil and liquefied natural gas shipments.
Brent crude futures rose by 67 cents and crossed $100 per barrel during early trading. Meanwhile, US West Texas Intermediate crude futures also recorded gains and moved above $95 per barrel.
Market analysts said the latest increase followed fears that renewed conflict in the Gulf region could disrupt global energy supplies. The fresh escalation also weakened hopes of progress toward reopening the Strait of Hormuz.
Earlier this week, oil prices had fallen after reports suggested the United States and Iran were moving closer to a possible peace agreement. Investors expected the agreement could help reduce tensions and stabilize oil markets.
However, renewed military activity in the region reversed that trend and pushed prices upward once again. Experts believe these developments may directly affect the future Petrol Price in countries that rely heavily on imported fuel, including Pakistan.
Vandana Hari, founder of Vanda Insights, said oil markets are facing extreme uncertainty. She warned that current price movements are no longer based only on actual supply conditions but also on fears linked to geopolitical tensions.
Pakistan regularly reviews petroleum prices based on changes in the international market and the exchange rate. Rising global crude prices often increase financial pressure on the country’s import bill and fuel subsidy management.
Consumers across Pakistan are now waiting for the government’s next announcement regarding fuel rates. Any increase in the Petrol Price could also impact transportation costs and inflation in the coming weeks.
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Officials have not yet confirmed whether fuel prices will rise or decrease. The Petroleum Ministry is expected to release the final decision after completing its review of international market trends and local economic conditions.
