Govt freezes petrol prices despite global uptick

Prime Minister Shehbaz Sharif on Friday decided that petroleum product prices 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 ordinary citizens.

According to a statement issued by the Prime Minister's Office (PMO), the premier said the government had chosen not to raise fuel prices this time in order to provide maximum relief to the public.

"As per 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 strain due to regional tensions, which could have significant 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 attempting to manage the situation through timely policy decisions, austerity measures and financial discipline. The premier 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 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 petroleum prices would stabilise.

The decision comes a week after the government raised petrol and diesel prices by Rs55 per litre, passing the burden on to consumers as global oil supplies were thrown into disarray by the ongoing conflict involving Iran. In the wake of the steep hike, authorities also rolled out a series of austerity measures in an attempt to steady the ship and cushion the economy from the shock.