ISLAMABAD: Prime Minister Shehbaz Sharif on Friday rejected yet another summary proposing a steep increase in petroleum prices, deciding to keep fuel rates unchanged despite rising global oil costs.
The premier revealed that he turned down a proposal to raise petrol prices by Rs95 per litre and high-speed diesel by Rs203 per litre, stating that the government would not pass the burden on to the public.
“This week, I was again presented with a proposal to increase petrol by Rs95 per litre and diesel by Rs203 per litre, which I have rejected,” he said.
Instead, the government will absorb an additional financial impact of around Rs56 billion. According to the prime minister, petrol prices could have reached Rs544 per litre and diesel Rs790 per litre in line with international market trends. However, he noted that the government has already absorbed approximately Rs125 billion over the past three weeks to shield consumers from price shocks.
Highlighting Pakistan’s diplomatic role amid ongoing regional tensions, the prime minister said the country is making sincere and comprehensive efforts to help end the conflict in the Middle East and protect the region, particularly brotherly Muslim nations, from further instability.
He emphasized that these diplomatic initiatives aim to achieve lasting peace through “collective wisdom and consultation,” adding that Pakistan’s efforts are guided by both international responsibility and a commitment to the welfare of the Muslim world.
The prime minister also revealed that he has held multiple rounds of discussions with leaders from Iran and Gulf nations to promote de-escalation.
Deputy Prime Minister and Foreign Minister Ishaq Dar has been actively engaged in peace efforts, while Chief of Army Staff Asim Munir is playing a key role in advancing regional rapprochement.
Earlier, on March 6, the government had increased petrol and diesel prices by Rs55 per litre following a surge in global oil prices triggered by escalating tensions between Iran and Israel, along with attacks involving the United States. The situation further intensified after Iran announced the closure of the strategically vital Strait of Hormuz, a critical passage linking the Persian Gulf with the Gulf of Oman.
