ISLAMABAD/ LAHORE: Prime Minister Shehbaz Sharif on Friday rejected a summary, recommending another hike in petrol and diesel prices despite a surge in global oil rates.
In a televised address to the nation, the prime minister announced that petrol and diesel prices be maintained at the current rates.
The premier’s initiative came as the federal govt was scheduled to review the fuel prices on Saturday (today). On March 20, the government maintained the petrol and diesel prices.
Addressing the nation, Shehbaz said he received a summary seeking a hike of Rs95 per litre for petrol and Rs203 per litre for diesel. However, the summary was rejected and it was decided to bear the additional cost instead of passing it on to the public.
He said the new petrol price on Friday should have been Rs544 per litre but the same was being provided at Rs322 per litre. Similarly, the new price of diesel should have been 790 per litre, but it was selling at Rs335 per litre.
“According to the estimates, maintaining the current prices will cost the government around Rs56 billion,” he added.
Shehbaz said this step was aimed at protecting consumers from sudden price hike while managing the economic impact internally.
On the regional situation, the prime minister said the country was working successfully on two fronts and was trying to ensure that the region and friendly countries were saved from this destructive war.
Shehbaz said he had talked many a time with the leaders of Iran and Gulf countries. He termed Pakistan’s diplomatic work both an international duty and a religious responsibility, saying, “Foreign Minister Ishaq Dar is working with full effort and sincerity.”
He also acknowledged the role of Chief of Defence Forces (CDF) Field Marshal Asim Munir, saying he was playing a key role in this process.
The premier said Pakistan remained active on diplomatic channels round the clock to promote stability and peace in the region.
On the economic front, Shehbaz said the world was currently facing an extraordinary and extremely difficult situation, where even resourceful developed countries were confronting a severe economic crisis.
He said government had taken immediate decisions in view of the current economic challenges.
He said a reduction of Rs100 billion had been made in the development budget, while a campaign of simplicity and austerity had helped ensure maximum savings, with billions of rupees being redirected to reduce the economic burden on the common man.
Highlighting the austerity drive to conserve fuel, the prime minister urged the public to undertake travel only when absolutely necessary, noting that every litre of fuel reflected the government’s savings policies and sense of responsibility.
He said austerity was no longer optional, but a collective responsibility.
“We are saving every single penny to provide relief to masses,” he added.
He urged the people to fully cooperate with the government’s comprehensive plan to be announced in coming days to tackle this difficult time.
APP adds: In an unrelated development, Shehbaz received a telephone call from Crown Prince of the State of Kuwait Sheikh Sabah Al Khaled Al Hamad Al Sabah and assured him that Pakistan would continue to play a constructive role for bringing peace and stability in the region.
During their warm and cordial conversation, the prime minister strongly condemned attacks on Kuwait and once again expressed Pakistan’s solidarity and support for the people of Kuwait in the current challenging times.
He also condoled the loss of precious lives and prayed for recovery of the injured.
Shehbaz also apprised the Kuwaiti leadership of Pakistan’s sincere diplomatic efforts to bring the war in the Middle East to an end.
Expressing deep appreciation of the prime minister’s leadership, the crown prince fully endorsed Pakistan’s efforts for mediation between Iran and the US and also thanked him for support to Kuwait.
He also thanked the prime minister for his recent letter of solidarity addressed to the Kuwaiti leadership and expressed his desire to visit Pakistan as soon as the situation improves.
In another unrelated development, the government has decided to expand the scope of Roshan Digital Accounts (RDA) as per the direction of prime minister.
Foreign nationals, companies and institutional investors will now be allowed to invest in Roshan Digital Accounts, government securities and Naya Pakistan Certificates.
This initiative reflects efforts to strengthen links with financial markets and promote foreign investment through digital platforms.
The overseas Pakistani community, comprising approximately 11 million people, is among the largest and most dynamic communities in the world.
Pakistanis living in the Middle East, Europe, North America and the Far East are contributing to host economies while supporting their families and communities back home.
Overseas Pakistanis are not only a source of strength for the national economy but are also ambassadors of Pakistan’s culture, business potential and values around the world.
According to the State Bank, remittances had reached $38.3 billion in fiscal year 2025, an increase of 26.6pc compared to the previous year.
Remittances are expected to reach $42 billion in fiscal year 2026. This performance reflects the confidence of overseas Pakistanis and their continued support in improving the country’s economy.
Pakistan has become the fifth-largest recipient of remittances in the world and ranks second in South Asia.
The State Bank’s foreign exchange reserves currently stand at approximately $16.3 billion, while total reserves are close to $21.6 billion.
The Roshan Digital Account scheme for overseas Pakistanis was launched on September 10, 2020.
Under the slogan “Door Reh Kar Bhi Paas”, the aim was to connect overseas Pakistanis to banking and investment through a simple digital system.
Through the Roshan Digital Account, overseas Pakistanis can open bank accounts without visiting Pakistan. They can also invest in government securities, Naya Pakistan Certificates, Pakistan Stock Exchange, mutual funds, and access other digital banking services.
Over the past five and a half years, the Roshan Digital Account has achieved significant success.
By the end of February 2026, more than 900,000 accounts had been opened and total investments have exceeded $12 billion.
Shehbaz congratulated the finance minister, State Bank of Pakistan, and participating banks on this success.
He said expanding the scope of Roshan Digital Accounts to foreign nationals, companies and institutional investors will further strengthen Pakistan as an attractive investment destination and broaden financial markets.
Federal Finance Minister Muhammad Aurangzeb said, “Pakistan is ready for investment.
“Through government reforms, a strong digital system and expanded financial facilities, a transparent, secure and enabling environment was being provided,” he added.
The minister stated that investors around the world should take advantage of opportunities in Pakistan and become part of the country’s economic future.
In another development related to the evolving situation in the Middle East and its implications for international peace and security, UN Secretary-General António Guterres exchanged views with Foreign Minister Muhammad Ishaq Dar.
In a statement on his X handle, Dar said, “I underscored that the UN remains indispensable to conflict prevention and resolution, and reaffirmed Pakistan’s unwavering commitment to diplomacy and dialogue as the only viable path to sustainable peace. The Secretary-General expressed appreciation and extended his full support for Pakistan’s ongoing diplomatic efforts in pursuit of peace and stability in the region.”
Dar also talked with his Egyptian counterpart Dr. Badr Abdelatty over phone and exchanged views on the evolving regional situation.
The two leaders underscored the importance of dialogue, restraint, and collective efforts to promote peace and stability and reaffirmed their commitment to supporting all efforts aimed at advancing peace and prosperity. They agreed to remain in close contact, says a Foreign Office statement.
Meanwhile, Oil and Gas Regulatory Authority (OGRA) set kerosene oil’s maximum ex-depot price at Rs433.40 per litre, increasing it by Rs4.66/litre. The rate includes levies, margins and freight adjustments, with higher charges allowed for remote areas under freight equalization rules, OGRA said.
