PM Shehbaz announces no increase in petroleum prices despite global market rise

ISLAMABAD: Prime Minister Shehbaz Sharif has announced that the government will not raise the prices of petroleum products, even as international oil prices experience an upward trend.

According to a statement released by the Prime Minister’s Office (PMO) on Friday, PM Shehbaz emphasized that the decision was made to ease the financial burden on the general public. He stated, “The prices are not being increased to reduce the burden on the common man.”

The prime minister reiterated his commitment to providing relief to citizens, saying, “As per my promise, I will provide relief to the people as much as possible.”

Shehbaz Sharif highlighted that the global economy is currently facing pressure due to regional tensions, which he noted could have a significant impact on Pakistan’s own economic situation. He explained that the government is actively working to address these challenges through timely policy decisions, austerity measures, and maintaining financial discipline.

He further acknowledged the role of provincial governments, stating that their cooperation with the federal government’s austerity initiatives is a positive development. The premier also credited the efforts of Pakistan’s diplomatic and economic teams, noting that adequate quantities of crude oil have been secured for the country.

“The global economy is currently under pressure due to regional tensions, which is likely to have a profound impact on Pakistan’s economy,” the prime minister said. He added that the government is making concerted efforts to manage the situation effectively through coordinated measures at both the federal and provincial levels.

The statement from the PMO comes at a time when fluctuations in the international oil market have raised concerns about potential price hikes domestically. However, the government’s decision aims to shield consumers from additional financial strain.