Members of the Senate Standing Committee on Finance were warned that petrol prices in Pakistan could rise dramatically if the ongoing regional conflict continues to disrupt global oil markets.
During the committee meeting chaired by Senator Saleem Mandviwalla, lawmakers were told that the volatility in international crude oil prices could eventually push domestic fuel prices as high as Rs. 500 per litre.
Finance Minister Muhammad Aurangzeb said global petroleum markets were experiencing sharp fluctuations due to geopolitical tensions in the region.
Petroleum Minister Ali Pervaiz Malik said the government is closely monitoring global prices and making decisions based on evolving international market conditions.
He added that the government would review global oil prices again before making the next decision on domestic petroleum rates.
Will the senators pay Rs.500 per liter from their pocket? Shame on you.