Prime Minister Shehbaz Sharif has decided not to increase the prices of petroleum products, providing relief to citizens amid rising global energy concerns.
Prime Minister said the decision was taken to reduce the financial burden on the common man and to support the public during difficult economic circumstances. He emphasised that the government is committed to providing relief to the people despite challenges in the global energy market, according to media reports.
The potential hike was linked to the ongoing conflict involving Iran, the US and Israel, as well as concerns over the closure of the Strait of Hormuz, a key global oil shipping route.
However, the prime minister intervened and directed authorities not to implement the proposed increase in petroleum prices, prioritising public relief over immediate adjustments based on global market trends.
The Prime Minister said that, as promised, the government will provide as much relief as possible to the people during these difficult times.
He said that the global economy is currently under pressure due to tensions in the region, and there is a possibility that this pressure will have a significant impact on Pakistan’s economy.
The Prime Minister stated that efforts are being made to deal with the situation through timely policymaking and fiscal discipline. He added that he has decided to begin austerity measures with the elite and the government so that the burden on the poor can be reduced during these challenging times.
He said it is encouraging that the provincial governments are also supporting the austerity measures of the federal government. By the grace of God and through the efforts of the diplomatic and economic teams, an adequate supply of crude oil is available to meet the country’s needs.
The Prime Minister said that both the federal and provincial governments are ensuring that no recovery is made above the set price. He also expressed hope that the global situation will improve and that the prices of petroleum products will stabilise.
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