- Fuel prices to remain unchanged for next week: PM.
- Says he rejected hike summary on eve of Eid ul Fitr.
- Govt to absorb additional burden: PM Shehbaz.
Prime Minister Shehbaz Sharif announced on Friday that petrol and diesel prices will remain unchanged for next week, rejecting a proposal to raise rates on the eve of Eid ul Fitr.
The prime minister announced this during an address to the nation, delivered on the eve of Eid ul Fitr. The statement comes as the federal govt was scheduled to review the fuel prices on March 20.
On March 13, the government had maintained the petroleum prices despite surge in global oil rates.
Addressing the nation today, PM Shehbaz extended Eid greetings to the nation and highlighted the economic challenges arising from the ongoing global situation.
“I extend heartfelt Eid ul Fitr greetings to everyone,” the prime minister said, adding that the festival calls for national unity and collective responsibility.
Referring to the global situation, he said: “Today, the world is facing an extraordinary test. [Mideast] conflict has shaken the global economy as well as peace and stability.
The premier pointed out that attacks on energy installations in brotherly countries have worsened the crisis. “There is a fear that this crisis may intensify further,” he said.
Highlighting the economic impact, the prime minister said oil prices in the global market have surged sharply. “Oil, which was priced at $72 per barrel just weeks ago, has now reached $158 per barrel,” he stated.
The prime minister warned that the situation could lead to rising inflation.
“On March 13, petrol was proposed to rise by Rs76 per litre and diesel by Rs74 per litre. But, I decided that the government would bear the additional burden to protect the public,” he recalled.
The prime minister further said that another increase in oil prices had been observed in the week starting today, after which he was advised again to raise petrol by Rs76 per litre and diesel by Rs177 per litre, but he rejected the proposal.
“So, the federal government will bear the additional burden of Rs45bn once again,” PM added.
He said the federal govt had spent Rs69bn from its savings and development budgets over the past two weeks to prevent petrol prices from rising by Rs127 per litre and diesel by Rs252 per litre.
