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ISLAMABAD:
Prime Minister Shehbaz Sharif on Friday decided that prices of petroleum products would not increase in the latest review despite the rise in the global oil market, saying the move was aimed at easing the financial burden on common citizens.
According to a statement issued by the Prime Minister’s Office (PMO), the prime minister said the government had chosen not to increase fuel prices this time to provide maximum relief to the public.
“According to my promise, I will provide help to people as much as possible,” he said.
The prime minister noted that the global economy was currently under pressure due to regional tensions, which could have major repercussions for Pakistan’s economy.
“The global economy is currently under pressure due to regional tensions, which is likely to have a profound impact on Pakistan’s economy,” he said.
He added that the government was trying to manage the situation through timely policy decisions, austerity measures and financial discipline. The Prime Minister also welcomed the support of provincial governments in implementing austerity initiatives.
Shehbaz said adequate quantities of crude oil were available for the country’s needs thanks to the efforts of Pakistan’s diplomatic and economic teams.
“The federal and provincial governments are working together to ensure that no one is charged more than the price set by the government,” he said, expressing hope that the global situation will improve and oil prices will stabilize.
The decision comes a week after the government raised petrol and diesel prices by Rs 55 per liter, shifting the burden to consumers as global oil supplies were disrupted by the ongoing conflict involving Iran. In the wake of the sharp rise, authorities also implemented a series of austerity measures in an attempt to steady the ship and cushion the economy from the impact.
