Govt Refuses Petrol Price Hike Despite Global Pressure

ISLAMABAD (Web Desk) — Prime Minister Shehbaz Sharif on Friday announced that the government has decided not to increase petroleum prices, even though global oil prices have surged, saying the decision was taken to provide financial relief to the public.

The announcement came on the day the federal government was scheduled to review fuel prices (March 13).

Earlier, on March 6, the government had increased petrol and diesel prices by Rs55 per litre due to a sharp rise in international oil prices. The surge was largely driven by global tensions and the ongoing US–Israel conflict involving Iran, which has pushed energy costs higher worldwide.

At that time, the petroleum minister had assured that the government would reduce prices quickly once global market conditions improved.

However, according to state media, Prime Minister Shehbaz Sharif said that continuing regional tensions are keeping the global economy under pressure, which could also have a serious impact on Pakistan’s financial stability.

He said the government is trying to manage the situation through timely policy decisions and strict fiscal discipline.

The prime minister added that authorities are making every effort to provide maximum relief to the public, despite the challenging global economic environment.

He further stated that the government is implementing austerity measures and fuel conservation policies to protect citizens from rising costs.

Due to the recent increase in domestic petroleum prices and the possibility of further rises in global oil prices, the government has already introduced an austerity plan.

During a national address on March 9, the prime minister explained that these steps were necessary to deal with the global fuel crisis triggered by the ongoing US–Israel–Iran tensions.

Under the austerity plan, both federal and provincial governments will adopt simplicity and cost-cutting measures to reduce expenditures and conserve energy.

The announced measures include cutting government spending, reducing the working week to four days, and limiting non-essential travel and movement during the current economic challenges.