ISLAMABAD: Finance Minister Muhammad Aurangzeb has indicated a possible further increase in petroleum product prices in the coming days.

Speaking at a meeting of the Senate Standing Committee on Finance, Aurangzeb said the government is implementing austerity and cost-saving measures on the instructions of the prime minister, but petroleum prices are still expected to rise in the near future.

During the meeting, officials from the Petroleum Division informed the committee that Pakistan currently has five refinery plants, most of which are outdated.

They added that Saudi Arabia is providing crude oil to Pakistan at discounted rates, offering some relief to the country.

Officials also revealed that two oil tankers carrying crude oil for Pakistan are currently stuck in the Strait of Hormuz.

They further stated that global price fluctuations have significantly increased costs, noting that diesel was priced at $88 per barrel on March 1 but surged to $149 per barrel by March 6.

According to the Petroleum Division, shipping costs have also risen sharply, with cargo that previously cost $700,000 now costing around $7 million.

The committee was also informed that LPG imports from Iran are continuing and have increased compared to earlier levels.

During the discussion, Senator Farooq H. Naek questioned who benefits from repeated increases in petroleum prices, stating that Pakistan’s poor cannot bear an additional Rs55 hike in fuel prices.