Federal Minister for Finance and Senator Muhammad Aurangzeb met with chief executive officers of Pakistan’s leading oil refineries on Monday at the Finance Division to discuss upcoming investment plans and industry challenges.

During the meeting, refinery heads outlined multi-billion-dollar plant upgrade projects aimed at boosting the country’s domestic production capacity for petrol and diesel. They emphasized that these upgrades could save Pakistan nearly $1 billion annually in foreign exchange by reducing dependence on imported refined fuels.

The delegation also voiced concerns over recent changes in the sales tax regime for petroleum products, particularly the shift from zero-rated to exempt supplies. Refinery representatives explained that this policy change has significantly increased both operational and capital expenditures, threatening the financial viability of their planned investments.

Finance Minister Aurangzeb acknowledged the critical role of the refining sector in enhancing Pakistan’s energy security and lowering the national import bill. He assured the CEOs that the government would carefully consider their concerns, especially regarding sales tax exemptions, and pledged to address the issue in a way that supports the continued growth and modernization of the domestic refining industry.