ISLAMABAD: In a move aimed at shielding citizens from global economic turbulence, Prime Minister Muhammad Shehbaz Sharif announced on Friday that the government will not increase the price of petrol, maintaining it at Rs321.17 per litre despite a sharp rise in international oil markets. The decision comes just one week after a historic Rs55 per litre increase that sparked nationwide protests and economic anxiety.
“This decision honors my commitment to the common man,” Prime Minister Sharif stated, emphasizing that the government is determined to prevent the burden of global volatility from falling directly on Pakistani citizens. “We are dedicated to providing as much relief as possible during these challenging times.”
The announcement represents a significant policy shift following what many termed a “petrol bomb” on March 6, when the government implemented the largest single increase in fuel prices in recent history. That decision was driven by an unprecedented surge in global oil prices, with crude oil jumping from approximately $78 to over $106 per barrel almost overnight after escalating tensions in the Middle East.
Regional conflicts, particularly the US-Israel conflict with Iran, have placed the global economy under immense pressure, creating serious risks for Pakistan’s economic stability. The closure of the Strait of Hormuz, a critical energy corridor through which approximately 20% of the world’s oil passes, forced the government to abandon its traditional fortnightly pricing schedule in favor of weekly reviews.
“Through timely policymaking, government austerity measures, and strict financial discipline, we are striving to manage this situation to the best of our human ability,” the Prime Minister remarked, acknowledging the extraordinary challenges facing the nation’s economy.
The previous week’s price hike triggered immediate and widespread outrage across Pakistan, with citizens scrambling to fill their tanks amid chaotic scenes and miles-long queues at fuel stations. On social media, the hashtag #PetrolBomb trended as Pakistanis expressed fury over the soaring cost of living, with many criticizing what they perceived as unequal burden-sharing between the public and political elite.
Economic experts had warned that the Rs55 increase would create catastrophic ripple effects throughout the economy, particularly impacting transportation costs and food prices. Labour federations predicted severe hardship for middle and lower-income families already struggling with inflation.
Today’s decision to maintain prices offers temporary relief but highlights the ongoing vulnerability of Pakistan’s economy to global energy markets. The government’s commitment to absorbing international price increases comes at a significant fiscal cost, raising questions about long-term sustainability as regional tensions continue to threaten energy security worldwide.
Source: ARY News