Pakistan Freezes Petroleum Prices Despite Rising Global Oil Costs — PM Shehbaz Sharif

Islamabad, Prime Minister Muhammad Shehbaz Sharif announced on Saturday that the government has decided to keep petroleum product prices unchanged in Pakistan, honouring a prior public commitment despite a further rise in global crude oil prices.
Addressing the nation, PM Shehbaz said that ongoing regional tensions have placed the global economy under severe strain, with the potential to significantly impact Pakistan’s economy as well. He stated that through timely policy decisions, government austerity measures, and fiscal discipline, the administration was making every effort to manage the situation effectively.
The Prime Minister said that as a servant of the Pakistani people, he had pledged to begin the process of reducing the burden on the poor by first asking sacrifices of the elite and the government itself. He noted that through the efforts of Pakistan’s diplomatic and economic teams, adequate supplies of crude oil were available to meet the country’s domestic needs.
PM Shehbaz added that both federal and provincial governments are jointly ensuring that no trader or supplier charges above the officially fixed price, and praised provincial governments for their full cooperation with the federal administration.
He concluded by expressing hope that global conditions would improve and that international petroleum prices would stabilise in the near future.