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ISLAMABAD:
Prime Minister Shehbaz Sharif on Friday decided that the prices of petroleum products would not be increased in the latest review despite a 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 hike fuel prices this time to provide maximum relief to the public.
“According to my promise, I will provide relief to the 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 significant implications for Pakistan’s economy.
“The global economy is currently under pressure due to regional tensions, which are likely to have a deep 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 to implement austerity initiatives.
Shehbaz said that sufficient quantities of crude oil were available for 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 would improve and oil prices would stabilise.
The decision comes a week after the government hiked petrol and diesel prices by Rs 55 per litre, shifting the burden on consumers as global oil supplies were thrown into disarray by the ongoing conflict involving Iran. In the wake of the steep rise, the authorities also implemented a series of austerity measures in an attempt to steady the ship and cushion the economy from the shock.
