ISLAMABAD: As the crude oil revolves around $100 per barrel in the international market, the Pakistan government has decided not to increase the prices of petroleum products further in the weekly review.
Prime Minister Shehbaz Sharif decided not to increase the prices of petroleum products this time despite a rise in oil prices in the international market.
According to a statement issued by the PM Media Wing on Friday, the decision had been taken in line with the commitment made to the public and to reduce the financial burden on common man.
The prime minister said the government would continue to provide as much relief as possible to the people in these difficult circumstances. “We have taken the decision not to increase the prices of petroleum products to lessen the burden on common man,” he said.
Shehbaz said the global economy is currently under pressure due to tensions in the region, which could have significant implications for Pakistan’s economy. He said the government is making efforts to deal with the situation to the best possible extent through timely policymaking, austerity measures and fiscal discipline.
The PM said as ‘Khadim-e-Pakistan’, he has resolved to begin efforts to reduce the burden on the poor by introducing austerity measures, starting with the government and the country’s elite. He added that provincial governments are also fully supporting the federal government’s austerity initiatives, which is encouraging.
Shehbaz said that due to the efforts of the diplomatic and economic teams, adequate quantities of crude oil are available to meet the country’s requirements. He said the federal and provincial governments are jointly ensuring that no one charges prices higher than the government-fixed rates.
The PM expressed the hope that the global situation will improve and that stability will return to petroleum products’ prices in the international market.
Meanwhile, two vessels carrying 100 million to 120 million litres of oil reached Karachi, the Pakistan National Shipping Corporation (PNSC) officials said on Friday.
The two ships, they added, arrived under the protection and escort of Pakistan Navy in the aftermath of recent attacks on vessels in the region.
Expressing gratitude to the PN for the safe transfer of ships, Federal Minister for Maritime Affairs Muhammad Junaid Anwar said that they have requested the Foreign Office to reach out to Iran for the release of two vessels stuck in the Persian Gulf.
The development comes as the PN launched Operation Muhafiz-ul-Bahr to safeguard national shipping and maritime trade amid rising regional security threats and potential disruptions to critical sea lanes. The initiative has been undertaken to ensure uninterrupted flow of national energy supplies and the security of Sea Lines of Communication (SLOCs).
