PM Shehbaz again rejects summary proposing hike in petrol, diesel prices

Prime Minister Shehbaz Sharif rejected on Friday another summary proposing a sharp increase in petrol and diesel prices, opting to keep fuel rates unchanged amid rising global oil costs.

The premier said he had turned down a proposal to raise the petrol price by Rs95 per litre and the diesel price by Rs203 per litre.

“This week, I was again presented with a proposal to raise petrol prices by Rs95 per litre and high-speed diesel by Rs203 per litre. I have rejected this summary,” he said.

He said the government would not pass the burden to the public and would instead bear the additional cost of around Rs56 billion itself.

PM Shehbaz said that in line with rising global oil prices, petrol in Pakistan should have reached Rs544 per litre and diesel Rs790 per litre. However, he added that the government kept prices unchanged, absorbing about Rs125 billion in three weeks.

The prime minister said Pakistan is undertaking sincere and comprehensive diplomatic efforts to help bring this war to an end, so that the region and brotherly Muslim countries are spared its destructive consequences.

He added that the objective was to create a pathway to lasting peace through “collective wisdom and consultation.”

“Pakistan’s diplomatic efforts are not merely part of its international obligations; they are also driven by the will of God and aimed at the welfare of the ummah,” he said.

The prime minister said that, regardless of “which school of thought or sect we belong to, as Muslims, we all desire peace.”

In this context, he added, he had held detailed discussions multiple times with the leaders of Iran and Gulf countries.

He further noted that Deputy Prime Minister and Foreign Minister Ishaq Dar had also been actively working for the restoration of peace, while Chief of Defence Staff and Chief of Army Staff Field Marshal Asim Munir was playing an “active and key role” in advancing the process of rapprochement.

On March 6, the government announced a hike of Rs55 per litre in the prices of petrol and diesel in line with increasing international oil prices after the US and Israel attacked Iran and Tehran retaliated with attacks on Israel as well as US bases in the region. Iran also announced to close the crucial Strait of Hormuz, a waterway between the Persian Gulf and the Gulf of Oman.