Pakistan keeps fuel prices unchanged as PM rejects proposed hike of up to PKR 177
The government will provide a subsidy of PKR 45 billion to offset the impact of higher import cost
Business Desk
The Business Desk tracks economic trends, market movements, and business developments, offering analysis of both local and global financial news.
Pakistan Prime Minister Shahbaz Sharif has rejected the proposal to increase fuel price by up to PKR 177 as global prices continue to rise due to the conflict in the Middle East.
In a televised address on Friday, PM Sharif said the decision was taken to shield people from the impact of inflation and reduce their financial burden.
The price of petrol has been kept unchanged at PKR 321.17 and diesel at PKR 335.86 per liter. This is the second successive week when the Pakistan government hasn't increased fuel prices.
On March 6, the prices were increased by PKR 55 per liter.
While referring to the steep rise in global prices, the PM said he was advised to increase petrol price by PKR 76 and diesel price by PKR 177 per liter for next week.
The prime minister said the government decided to keep prices unchanged for the second week by providing a subsidy of PKR 45 billion.
In the past two weeks, the government has spent PKR 69 billion to keep the prices unchanged, he said, adding that without the subsidy, the price of petrol would have gone up by PKR 126 and diesel by PKR 251.
Last week the government, through its own resources, paid PKR 24 billion as a price differential claim to the oil marketing company.
Comments
See what people are discussing