Govt preparing targeted relief package for vulnerable segments: FinMin

• Govt considering demand management measures: Aurangzeb.
• Govt absorbed Rs69bn petroleum cost burden: minister.
• Finance minister says Pakistan's resources not unlimited.

Finance Minister Muhammad Aurangzeb on Sunday announced that the government was preparing a targeted relief package for vulnerable segments of society, saying measures were being taken to minimise the impact of rising fuel costs on the public.

Speaking to media, he said that all ministries, including petroleum, IT and finance, were working on a joint strategy as Pakistan moves to shield public from the impacts of the financial strain due to the Middle East conflict.

The finance minister said that the government was reviewing potential impacts on the economic situation, trade and investment, adding that steps were being taken to improve the economic situation.

Referring to the deepening Middle East crisis, he warned that the ongoing regional tensions could affect Pakistan’s energy infrastructure.

Aurangzeb noted that the government had absorbed a burden of Rs69 billion on petroleum products to shield consumers from price shocks.

The finance minister emphasised the need for sustainable and long-term solutions, given the country's limited resources.

He said that the government was considering demand management and energy conservation measures to address ongoing challenges, while expressing optimism that the energy supply situation would remain stable until April.

However, he cautioned that Pakistan's resources were not unlimited and must be utilised carefully.

His remarks come two days after Prime Minister Shehbaz Sharif said he rejected recommendations for a further hike in petrol and diesel prices.

The premier made the announcement during an address to the nation, delivered on the eve of Eid ul Fitr on March 20.

Since the announcement of a 20% increase in petrol and diesel prices earlier this month, rates have remained unchanged, with government officials saying the measure aims to ease the public's financial burden.

The government, on March 6, had raised petrol and diesel prices by Rs55 per litre each as surging global oil prices, fuelled by the US-Israel war with Iran, put pressure on domestic energy costs.

At the time, the petroleum minister said that the government would reduce prices promptly once the situation improved.