ISLAMABAD: Prime Minister Shehbaz Sharif has officially rejected a summary proposing a massive increase in petroleum product prices. Despite the intense pressure of rising global oil costs fueled by Middle East tensions, the premier decided to maintain current fuel rates to provide relief to the inflation-hit public.
The rejected proposal suggested a staggering increase of Rs95 per litre for petrol and Rs203 per litre for high-speed diesel. While addressing the nation, the Prime Minister emphasized that the government is prioritizing the welfare of the citizens over fiscal adjustments. He noted that if the government had followed international market trends, petrol would have surged to Rs544 per litre while diesel would have reached Rs790 per litre.
By opting to keep prices unchanged, the federal government will absorb an additional financial burden of approximately Rs56 billion. This decision follows a previous period of three weeks where the state absorbed nearly Rs125 billion to stabilize the local energy market. This move comes at a critical time when international markets are volatile following military escalations involving the US, Israel, and Iran.
The Prime Minister also highlighted Pakistan’s proactive diplomatic role in de-escalating regional conflicts. He mentioned that the closure of the Strait of Hormuz and the ongoing strikes between regional powers have created an unprecedented energy crisis. Shehbaz Sharif confirmed that he is in constant communication with leaders from Iran and Gulf nations to seek a peaceful resolution.
Furthermore, the premier lauded the efforts of Deputy PM Ishaq Dar and Field Marshal Asim Munir for their roles in the rapprochement process. He stated that Pakistan’s diplomatic mission is driven by a commitment to the Muslim Ummah and the desire for lasting regional peace. Earlier this month, the government was forced to hike prices by Rs55 per litre, but this latest rejection signifies a shift toward protecting the domestic consumer from further economic shocks. The government remains committed to using collective wisdom to navigate these challenging times without passing the full weight of global price hikes to the Pakistani people.
