Ahsan Iqbal says oil price rise unpredictable as relief committee formed

Federal planning minister Ahsan Iqbal said on Tuesday that no one can say how fast oil prices will rise over the next two to three months, as the government and Jamaat-e-Islami agreed to form a joint committee to work out relief for consumers.

Speaking at a press conference in Islamabad alongside the prime minister's adviser Rana Sanaullah, Iqbal said the world was facing an emergency and that tension in the region had produced a global crisis affecting oil and gas supplies. He said the closure of the Strait of Hormuz was disrupting oil shipments, and that the war between Iran and the United States had badly hit gas supplies as well.

Petroleum product prices were rising internationally and such conditions created difficulties for the economy too, he said. The government understood what higher fuel costs meant for ordinary households, which was why the prime minister had launched a petrol relief scheme.

Iqbal said he could not forecast the pace of increases over the next two to three months, and that uncertainty over energy prices and supply persisted. He said the government did not want to take any irresponsible step and was examining various proposals to give people relief.

According to the minister, a Jamaat-e-Islami delegation met Prime Minister Shehbaz Sharif, where it was briefed on the difficulties facing the government and presented its own proposals for relief. Both sides agreed to establish a committee with three representatives each, which will consider all proposals and finalise them, he said. The committee will also examine proposals to remove the levy in the next budget.

Iqbal said Field Marshal Asim Munir had begun a diplomatic process aimed at ending regional tension and improving conditions so that oil prices could come down.

Rana Sanaullah told the same briefing that 12.7 million people were currently receiving a subsidy of Rs100 per litre on petrol, and that the number could reach 20 million in the coming days. He said the levy that has drawn objections is Rs80.

He said the government valued Jamaat-e-Islami's view that people should get the maximum possible relief, that it had heard the party's proposals and would consider them sincerely, and expressed the hope that it would support the government's relief efforts in a delicate situation. He said the war had affected the entire world and that Pakistan was working for peace, and that complete unity was needed inside the country. Sanaullah also claimed Pakistan had foiled a "Zionist conspiracy" to set Muslim countries against one another.

In remarks reported by UrduPoint, Iqbal said space technology was indispensable for dealing with climate change and natural disasters, and that Pakistan needed it to confront environmental threats and for national development.