Prime Minister Shehbaz Sharif Rejects Summary for Petroleum Price Hike, Announces Relief for Public

ISLAMABAD: Prime Minister Shehbaz Sharif has rejected a summary proposing an increase in petroleum prices, opting instead to provide relief to citizens amid rising global oil costs.

In a televised address to the nation, the premier extended Eid greetings and emphasized the importance of compassion, unity, and collective responsibility, especially during challenging times. He acknowledged the financial strain on the public due to recent price hikes and assured that the government is committed to easing the burden.

Sharif revealed that despite recommendations to further increase petrol and diesel prices, he turned down the proposal, citing the already significant impact of previous increases on households. He stated that the government has decided to absorb additional costs to prevent further hardship for the people.

According to the Prime Minister, global oil prices have surged dramatically in recent weeks, rising from around $72 per barrel to over $158 per barrel, creating immense pressure on economies worldwide. He noted that the government had already borne a financial burden of approximately Rs79 billion over the past two weeks to stabilize fuel prices.

He further announced that for the current week, the government will absorb an additional estimated cost of Rs45 billion to maintain existing fuel prices, particularly in light of the upcoming Eid celebrations.

Sharif admitted that while such measures are not sustainable in the long term, they are necessary to provide immediate relief to the public, especially low- and middle-income groups. He also directed relevant ministries to develop a transparent mechanism to ensure that subsidies are targeted toward deserving segments of society.

The Prime Minister urged citizens to adopt energy conservation practices and avoid unnecessary expenditures, stressing that collective efforts are essential to navigate the ongoing economic challenges.