ISLAMABAD, Jun 13 (APP):Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb said on Saturday that the government had built adequate fiscal buffers to absorb the impact of rising international oil prices and energy market disruptions in the upcoming fiscal year. Responding to a question during a post-budget media briefing, the minister said Pakistan's oil import bill increased by $1 billion in April due to higher global oil prices. He …
Govt builds fiscal buffers against impact of rising oil prices: Aurangzeb
ISLAMABAD, Jun 13 (APP):Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb said on Saturday that the government had built adequate fiscal buffers to absorb the impact of rising international oil prices and energy market disruptions in the upcoming fiscal year.
Responding to a question during a post-budget media briefing, the minister said Pakistan’s oil import bill increased by $1 billion in April due to higher global oil prices.
He said coordinated efforts by the government, particularly through the National Command and Monitoring Centre (NCMC), helped reduce the additional burden to around $500 million in May.
Aurangzeb said the government hoped ongoing diplomatic efforts would help bring an end to the regional conflict affecting energy markets, but cautioned that damage to energy infrastructure would continue to have repercussions beyond the current fiscal year.
He said while the government had successfully managed immediate supply and price challenges, sufficient fiscal redundancy had been incorporated into the budget to address the secondary and tertiary impacts of energy market volatility.
