ISLAMABAD: Federal Finance Minister Muhammad Aurangzeb has said that any decision regarding an increase or decrease in petrol prices will be announced by the Ministry of Petroleum.
The minister clarified that the final announcement on petroleum product prices lies with the relevant ministry. He said the government is currently reviewing various measures to provide relief to the public.
Muhammad Aurangzeb added that the impact of global oil price fluctuations is being assessed. He further stated that efforts are ongoing to improve the country’s overall economic situation.
Oil prices rose on Friday in the international market after renewed fighting broke out between the United States and Iran, threatening a shaky ceasefire and dashing hopes for progress to reopen the Strait of Hormuz, a key transit route for oil and liquefied natural gas.
Brent crude futures were up 67 cents, or 0.67%, at $100.73 a barrel by 0650 GMT. West Texas Intermediate (WTI) U.S. crude futures rose by 45 cents, or 0.47%, to $95.26 a barrel. The benchmarks were up more than 3% at the market open.
The gains snapped three days of decline on reports this week that the U.S. and Iran were close to agreeing to a peace deal that would end the fighting but put off larger issues around Iran’s nuclear programme. For the week, both contracts are still set to fall about 6%.
“The market is on the cusp of a complete breakdown. Price formation is no longer anchored in a pragmatic reading of the war’s trajectory or the physical realities in the Strait of Hormuz,” said Vandana Hari, founder of oil market analysis provider Vanda Insights.
