PM Shehbaz says petroleum prices to remain unchanged despite increase in int’l market

Prime Minister Shehbaz Sharif on Friday decided not to increase the prices of petroleum products this time, honouring his promise to the public despite a further rise in international oil prices.

According to a statement from the Prime Minister’s Office, the decision aims to reduce the burden on the common man. It added that the government remains committed to providing as much relief as possible to the people during these challenging times.

Highlighting the global economic situation in the statement, PM Shehbaz noted that tensions in the region were putting pressure on the world economy, which could have significant effects on Pakistan’s economic stability.

He said the government was addressing the situation through timely policy decisions, savings measures and financial discipline.

“As a servant of Pakistan, I am resolved to start reducing the burden on the poor by beginning with the country’s elite and the government itself during these difficult times,” he stated.

He added that alongside federal austerity measures, provincial governments were fully supporting these efforts, which he called a welcome development. He further stated that, by the efforts of Pakistan’s diplomatic and economic teams, sufficient quantities of crude oil were available to meet the country’s requirements.

The prime minister assured that both federal and provincial governments were jointly ensuring that no one charged more than the prices fixed by the government. He expressed hope that global conditions would improve and that petroleum product prices would stabilise in the international market.

Also Read: PM Shehbaz orders austerity measures

Last week, the government sharply increased diesel and petrol prices by Rs55 per litre or 20% — marking the first increase in a series of similar surges in coming days due to the ongoing US-Israel and Iran war, which has disrupted supply chains and pushed crude oil prices to two years’ highest level.

The increase in petrol prices was more than the surge in the international market, as the government chose to collect more than required money from motorcyclists and car owners to subsidise the use of diesel mostly by the public transport and the agriculture sector.

Petroleum Minister Ali Pervaiz Malik announced the new rates with immediate effect after PM Shehbaz decided to increase the petroleum products prices on a weekly basis.

The new price of high speed diesel will be Rs336 per litre and petrol Rs321 per litre, said Malik in a pre-recorded speech. He was accompanied by Deputy Prime Minister Ishaq Dar and Finance Minister Muhammad Aurangzeb.

The government also increased the petroleum levy on petrol to a record Rs105.4 per litre but reduced it to Rs55 per litre on diesel.