PM Shehbaz rejects summary proposing hike in petrol, diesel prices

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

Addressing the nation in the backdrop of the ongoing Middle East conflict, the prime minister said the government had received a proposal to raise petrol prices by Rs50 per litre and diesel by Rs74 per litre. However, he decided not to pass on the burden to the public.

“My top priority is the protection of the common man,” he said, adding that the government would bear the burden of rising global oil prices. He said proposals suggesting cumulative increases of Rs76 per litre in petrol and Rs177 per litre in diesel were also rejected.

He further said that on the joyous occasion of Eidul Fitr, the government turned down the price hike proposal, noting that it had already spent Rs69 billion to prevent cumulative increases of Rs127 per litre in petrol and Rs252 per litre in diesel.

The prime minister said the government had already utilised funds from the development budget to subsidise petroleum products and provide relief to consumers.

At the outset of his address, the premier extended Ramadan and Eid greetings, noting that the world was facing an “extraordinary challenge” due to the war, which has driven oil prices to a two-year high.

He said global crude prices had surged sharply as supply chains were disrupted by the ongoing conflict, adding that values such as selflessness, hard work and compassion were essential to overcome the crisis.

Two weeks ago, the government raised petrol and diesel prices by Rs55 per litre — around 20% — citing the same global pressures.

The increase in petrol prices exceeded the international trend, as the government aimed to generate additional revenue to subsidise diesel consumption, mainly used in public transport and the agriculture sector.

Despite further increases in global oil prices last week, the prime minister said he chose to honour his commitment to the public by keeping fuel prices unchanged.