The Pakistan government has decided not to increase petroleum product prices despite a rise in global prices, according to a statement from the prime minister’s office.
The recent working showed that the increase in global petrol and diesel prices have been exorbitant. Global petrol price has increased by $20 to $120 per barrel and diesel by $30 to $167 per barrel
If the government had passed on the impact, local prices would have risen by PKR 35 per liter for petrol and PKR 52 for diesel.
However, the government decided not to pass the impact on to consumers and adjusted the difference by cutting its revenue from the Petroleum Development Levy charged on both fuels.
Prime Minister Shehbaz Sharif said the government would provide as much relief to the public as possible despite difficult economic circumstances.
He noted that tensions in the region have placed pressure on the global economy, which could have significant repercussions for Pakistan’s economy.
The prime minister said the government is attempting to manage the situation through timely policymaking, austerity measures and strict financial discipline.
“In these challenging times, we have resolved to start with the country’s elite and the government itself in reducing the burden on the poor,” Sharif said, describing his role as a “servant of Pakistan.”
He added that provincial governments are cooperating with the federal government in implementing cost-saving measures, calling the support encouraging.
Sharif also said that, through the efforts of Pakistan’s diplomatic and economic teams, the country currently has an adequate supply of crude oil to meet domestic needs.
The federal and provincial governments are working together to ensure that no one charges prices higher than those set by the government, he said.
Sharif expressed hope that global conditions will improve and that petroleum prices in the international market will stabilize.
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