In response to the recent surge in petroleum prices, the Ministry of Finance attributed on Tuesday the upward trend to fluctuations in the international oil market.
Islamabad: Finance ministry reveals reason behind recent petrol, diesel prices hike. According to a spokesperson from the ministry, the fortnightly increase in prices of various petroleum products is directly linked to the rise in global oil prices, which saw petrol and high-speed diesel prices climb by US$ 3.82 and US$ 4.30 per barrel, respectively.
The Oil and Gas Regulatory Authority (OGRA) had recommended a hike in petrol prices by Rs. 4.53 and high-speed diesel by Rs. 8.14, citing the impact of international market dynamics and exchange rate fluctuations.
The Ministry emphasized that the pricing of petroleum products is intricately tied to global market conditions, with recent escalations attributed to heightened uncertainty in the Middle East.
The spokesperson expressed optimism that resolution of the crisis in the region would alleviate pressure on global oil prices, potentially offering relief to consumers domestically.
However, until such stability is achieved, consumers in Pakistan may continue to face the ramifications of international market volatility.
It’s noteworthy that the government had recently announced a price increase for petrol and diesel, with petrol now priced at Rs. 293.94 per litre and diesel at Rs. 290.38 per litre, reflecting a significant adjustment to accommodate the international market trends.
The Ministry of Finance is a ministry or other government agency in charge of government finance, physical policy and financial regulation. It is headed by a Finance Minister, an executive or cabinet position. The Minister is responsible each year for presenting the federal government’s budget to the Parliament of Pakistan.
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History of Ministry of finance (Pakistan)
Established as a first administrative ministry of the Pakistan’s executive branch in 1947, the ministry of finance considered among the powerful portfolio and prestigious executive assignment in Pakistan’s political spectrum. Ghulam Muhammad was the first finance minister of Pakistan had neither watermark nor security thread. In the line of session to the prime minister, the Finance Minister is second-in-line, and many have ascended as Prime Minister after serving first as Finance Minister.
Finance ministry reveals reason behind recent petrol, diesel prices hike
