Govt Signals Possible Increase in Petroleum Prices

Federal Finance Minister Senator Muhammad Aurangzeb on Thursday warned that petroleum prices in Pakistan could rise further in the coming days due global oil pressures.

His remarks came after the government recently increased petrol and diesel prices by Rs55 per litre, citing rising global oil costs linked to escalating tensions in the Middle East.

Under the revised rates, petrol now costs Rs321.17 per litre, while diesel has increased from Rs275.70 per litre to Rs335.86 per litre.

The finance minister made the remarks while briefing the Senate Standing Committee on Finance and Revenue during a meeting chaired by Senator Saleem Mandviwala.

Aurangzeb told the committee that the government was implementing austerity measures on the directions of Prime Minister Shehbaz Sharif.

However, he warned that petroleum prices could increase further in the coming days as authorities respond to changing regional conditions and pressures in global energy markets.

The finance minister said the prime minister had formed a ministerial committee to monitor petroleum product prices and supply on a daily basis.

He told the committee that the situation in the region was changing rapidly and quick decisions were required regarding the purchase of petroleum products.

The minister also informed lawmakers that QatarEnergy had declared force majeure because of the ongoing war situation, which has disrupted liquefied natural gas imports.

He said an LNG cargo that previously cost around $25 million was now being purchased for nearly $100 million due to the changing market conditions.

Aurangzeb also said the government was considering shutting down six urea fertiliser plants because the country currently has higher stocks compared with the same period last year.

He noted that some countries in the region, including Sri Lanka and Bangladesh, had implemented fuel rationing as their energy situations were more severe.

Meanwhile, the Oil and Gas Regulatory Authority (OGRA) has announced new prices for re-gasified liquefied natural gas for March 2026, showing a notable increase compared with the previous month.

According to the regulator, the revised RLNG prices came into effect on March 1, 2026, following policy guidelines issued by the Government of Pakistan.

Under the new notification, RLNG prices for Sui Northern Gas Pipelines Limited have been set at $12.4913 per MMBtu for transmission and $13.5516 per MMBtu for distribution.

For Sui Southern Gas Company Limited, the RLNG price has been fixed at $11.0169 per MMBtu for transmission and $12.5354 per MMBtu for distribution in March 2026.

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