Islamabad(The COW News Digital)Pakistan’s Prime Minister Shehbaz Sharif has rejected a summary proposing a sharp increase in petroleum prices, announcing that fuel rates will remain unchanged to provide relief to the public amid ongoing economic pressures.
In a televised address to the nation, the prime minister revealed that a proposal had been submitted recommending an increase of Rs95 per litre for petrol and Rs203 per litre for diesel. However, citing the financial hardships faced by citizens, he decided to turn down the recommendation and maintain existing prices.
Sharif stated that the decision would place an additional burden of approximately Rs56 billion on the federal government, which it has chosen to absorb in order to protect consumers from further inflationary pressure. He emphasized that public welfare remains the government’s top priority, even at the cost of significant fiscal strain.
Highlighting the disparity between local and global fuel prices, the prime minister said that based on international market rates, petrol in Pakistan should be priced at Rs544 per litre, while diesel could reach as high as Rs790 per litre. Despite this, the government is currently supplying petrol at Rs322 and diesel at Rs335 per litre, effectively subsidizing the difference.
He further noted that over the past three weeks, the government has borne a cumulative burden of Rs125 billion to prevent fuel price increases. According to Sharif, these funds could have been utilized for development and welfare projects, but the government prioritized shielding citizens from economic hardship.
The prime minister also urged the nation to adopt austerity and simplicity during challenging times, stating that a comprehensive plan is being developed to address economic concerns. He called on citizens to cooperate with the government’s efforts to stabilize the economy.
Addressing regional and global developments, Sharif said Pakistan is actively playing a diplomatic role in promoting peace and stability. He mentioned that Deputy Prime Minister Ishaq Dar is engaged in reconciliation efforts, while Chief of Army Staff Syed Asim Munir is also contributing to national and regional stability initiatives.
Sharif concluded by noting that the world is facing significant economic challenges, with even major economies struggling to cope. He expressed confidence that Pakistan, with collective effort and resilience, will navigate the current crisis successfully.
