Prime Minister Shehbaz Sharif announced on Friday that the government will not increase petroleum product prices despite rising global oil rates, in a move aimed at easing financial pressure on citizens in Pakistan.
In an official statement, the prime minister said the decision was taken to reduce the financial burden on ordinary people, adding that the government remains committed to providing maximum relief to the public despite difficult economic conditions.
Sharif noted that the global economy is currently facing pressure due to rising regional tensions, which could also impact Pakistan’s economic stability. However, he said the government is trying to manage the situation through timely policymaking and strict fiscal discipline.
Government Focused on Public Relief
The prime minister said the government is determined to begin reducing economic pressure on low-income groups, particularly by implementing austerity measures within government institutions and among the country’s elite.
He also welcomed the support of provincial governments, stating that they are cooperating with the federal administration in implementing cost-saving measures and economic reforms.
Adequate Oil Supplies Available
Sharif further assured that Pakistan currently has sufficient crude oil supplies to meet national demand. He credited the efforts of the country’s diplomatic and economic teams for ensuring stable oil availability despite global uncertainties.
According to the prime minister, both federal and provincial authorities are actively monitoring the market to ensure that petroleum products are not sold above officially notified prices.
Hope for Stability in Global Markets
The prime minister expressed hope that international conditions would improve soon, leading to greater stability in global petroleum prices.
The announcement comes at a time when global oil markets have experienced volatility amid ongoing geopolitical tensions, raising concerns about potential increases in fuel prices in many countries.
