ISLAMABAD: Prime Minister Shehbaz Sharif has decided not to increase petroleum prices in Pakistan, despite a rise in global oil markets, saying the move is intended to ease financial pressure on citizens.
According to a statement released on Friday, the prime minister said the government would maintain current fuel prices to provide relief to the public while managing economic pressures caused by rising international oil costs.
He said the decision was taken to reduce the burden on ordinary citizens at a time when regional tensions are affecting global economic stability and could have wider implications for Pakistan’s economy.
Officials said the government is attempting to balance economic pressures through fiscal discipline, expenditure control and policy measures aimed at maintaining economic stability.
Government focuses on cost-saving measures
The prime minister said government institutions and the public sector would lead efforts to reduce expenses, adding that relief measures should begin with the government and elite sectors.
He also noted that provincial governments are supporting federal initiatives designed to implement cost-saving measures and improve financial management.
Adequate oil supplies available
Shehbaz Sharif said Pakistan currently has sufficient crude oil supplies to meet domestic demand, crediting diplomatic and economic coordination efforts.
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He added that federal and provincial authorities are working together to ensure petroleum products are sold at government-approved rates and to prevent overcharging in the market.
The prime minister expressed hope that international market conditions would stabilize in the coming months, which could help bring greater stability to global petroleum prices.
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