ISLAMABAD: Pakistan is expected to be “in a good place” in terms of fuel supply by April, Finance Minister Muhammad Aurangzeb said on Sunday, as an ongoing conflict in the Middle East continues to drive up global energy prices.
The hike in global fuel prices has resulted from supply disruptions in the Strait of Hormuz, a narrow channel between Iran and Oman, due to ongoing US-Israeli strikes on Iran and Tehran’s counterattacks on US interests in Gulf countries
In early March, Pakistan increased petroleum prices by nearly Rs55 ($0.20) per liter that pushed petrol price above Rs320 ($1.14) per liter and diesel close to Rs336 ($1.20), adding to inflationary pressures.
The government later announced a series of austerity steps, including a four‑day work week for government offices, requiring 50 percent of staff to work from home, and closing all schools for two weeks.
“We meet on a daily basis so that we look at procurement, we look at the sources of procurement, we look at logistical issues, we look at maritime affairs, we look at diplomatic efforts,” Aurangzeb said in televised comments on Sunday.
“And on the basis of this, we say that by April, we are in a good place in terms of the supply situation.”
Pakistan’s inflation has eased to around 6–7 percent in recent months after peaking at 38 percent in 2023, but fuel costs continue to drive broader price increases across the economy.
Aurangzeb said the government was committed to putting the least burden on citizens.
“But having said that, the reality is, and you all know this, that our resources are not unlimited,” he said. “And that is why we have to move toward a structural solution, and we have to take sustainable and permanent steps.”
He also urged the private sector to take the lead in this regard.
“I request all of you, especially my friends, brothers, sisters, those who belong to the private sector, their leadership, please step up,” the minister said.
“All of us together have to get this country out of this crisis. And I am very, very confident that if the government, the public sector, and the private sector come together, God willing, we will come out of this crisis stronger as a nation and as an economy.”
