- Senate debates 200% petrol price surge.
- Govt defends Rs129bn fuel subsidy package.
- Pakistan targets Rs13tr revenue for FY27.
Finance Minister Senator Muhammad Aurangzeb said on Wednesday that the Economic Survey would be presented tomorrow (Thursday), setting the stage for the upcoming Federal Budget 2026-27 and outlining key fiscal indicators and performance over 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 revenues, sectoral trends across key industries, and other major fiscal and macroeconomic indicators for the outgoing financial year.
The finance minister announced the date for the presentation of the Economic Survey during a Senate session today, while also briefing lawmakers on developments linked to the Middle East conflict and its continuing economic implications.
During a debate on a motion regarding petrol price hikes, Senator Mohsin Aziz said petrol prices had risen by 200%, criticising government policy on fuel pricing and subsidies and raising concerns over the burden on consumers.
He argued that while the government had reduced jet fuel prices, relief had not been extended to ordinary consumers, adding that public finances were under pressure as government expenditures continued without reduction and petroleum levy revenues were not being utilised for public benefit.
Responding to 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 ongoing 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 subsidies were financed through cuts in the Public Sector Development Programme (PSDP), adding that Rs5.4 billion had already been disbursed, including support for 800,000 motorcycle users and over Rs4 billion for farmers under targeted relief measures.
He further said that even if the conflict were resolved immediately, its economic impact could persist into the next year.
Aurangzeb said Pakistan was targeting Rs13 trillion in revenue for the current fiscal year and noted that, unlike 2022, the country did not make international appeals following the floods, instead managing losses through domestic resources.
He also said that the petroleum levy had always existed and stressed that levy-related commitments remained part of the government’s broader fiscal framework.
The federal budget for fiscal 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 to the budget schedule. 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 budgetary 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 without interruption from June 12 until its approval, with no weekly holidays, including Saturdays and Sundays, parliamentary sources told Geo News.
The government is aiming to secure budget approval before Ashura, targeting completion by June 23 or 24, they added.
The sources said that if approval is delayed, the session will continue without any holidays except Ashura, while supplementary grants will be considered afterwards.
