- Senate debates 200% gasoline price increase.
- The government defends Rs129 billion. fuel support package.
- Pakistan targets Rs13tr revenue for FY27.
Finance Minister Senator Muhammad Aurangzeb said on Wednesday that the economic survey will be presented tomorrow (Thursday), setting the stage for the upcoming federal budget 2026-27 and outlining the key fiscal indicators and achievements of the past year.
The Economic Survey, the pre-Budget document, would provide a comprehensive overview of the country’s economic performance, including GDP growth, tax revenue, sectoral trends across key industries and other key fiscal and macroeconomic indicators for the current fiscal year.
The finance minister announced the date for the presentation of the economic inquiry during a Senate session today, while briefing lawmakers on developments related to the conflict in the Middle East and its continuing economic consequences.
During a debate on a proposal on petrol price hikes, Senator Mohsin Aziz said petrol prices had increased by 200%, criticized the government’s policy on fuel prices and subsidies and raised concerns about the burden on consumers.
He argued that while the government had reduced jet fuel prices, the relief had not been extended to ordinary consumers, adding that public finances were under pressure as public expenditure continued unabated and revenues from oil taxes were not being used for public good.
In response to the lawmakers, Aurangzeb said that at the start of the Middle East conflict it was unclear whether it would last a week or a month, adding that it had now continued for three and a half months with lingering economic effects.
He said the government had initially decided to pass on the petrol price burden but later provided Rs129 billion in subsidies over three weeks, a move that also drew criticism from stakeholders.
The finance minister said the grants were funded through cuts in the Public Sector Development Program (PSDP), adding that Rs5.4 billion had already been disbursed, including support to 800,000 motorcycle users and over Rs4 billion to farmers under targeted relief measures.
He further said that even if the conflict was resolved immediately, its economic impact could continue into the next year.
Aurangzeb said Pakistan was targeting Rs 13 trillion. in revenue for the current fiscal year and noted that unlike 2022, the country did not make international appeals after the floods, but instead managed losses through domestic resources.
He also said the oil tax had always existed and stressed that tax-related obligations remained part of the government’s wider fiscal framework.
The federal budget for the financial year 2026-27 is likely to be presented in the National Assembly on June 12, Parliamentary Affairs Minister Tariq Fazal Chaudhry said on Tuesday.
The announcement marked a further adjustment of the budget plan. The federal government had earlier decided to present the budget on June 10 after postponing it from June 5 amid consultations with coalition partners and discussions on proposed budget measures.
Budget session plan
In another development today, a meeting of parliamentary leaders was held in Islamabad under National Assembly Speaker Ayaz Sadiq where arrangements for the upcoming budget session were discussed.
The budget session is expected to continue uninterrupted from June 12 until its approval, with no weekly holidays, including Saturdays and Sundays, parliamentary sources said Pakinomist news.
The government aims to secure budget approval before Ashura, targeting completion by June 23 or 24, they added.
The sources said that if the approval is delayed, the session will continue without any holidays except Ashura, while supplementary grants will be considered subsequently.
