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ISLAMABAD:
Prime Minister Shehbaz Sharif on Friday decided that prices of petroleum products would not increase in the latest revision despite the rise in the global oil market, saying the move was aimed at easing the financial burden on ordinary citizens.
According to a statement issued by the Prime Minister’s Office (PMO), the prime minister said the government has chosen not to increase fuel prices this time in order to provide maximum relief to the people.
“In accordance with my promise, I will help the population as much as possible,” he said.
The Prime Minister noted that the global economy was currently under strain due to regional tensions, which could have significant repercussions on 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 praised the support of provincial governments in implementing austerity initiatives.
Shehbaz said sufficient quantities of crude oil were available to meet the country’s needs due 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 improves and oil prices stabilize.
The move comes a week after the government hiked petrol and diesel prices by Rs 55 per liter, passing the burden on to consumers as global oil supplies were thrown into disarray by the ongoing conflict involving Iran. Following this sharp rise, authorities also implemented a series of austerity measures to try to steady the ship and cushion the economy from the shock.
