Prime Minister Shehbaz Sharif on Friday decided not to raise petroleum product prices despite increasing global oil rates, according to a statement issued by the Prime Minister’s Office (PMO).
The announcement follows speculation that the government might increase fuel prices again later tonight.
“No price hike is being made in order to reduce the burden on the common man,” the prime minister was quoted as saying in the PMO statement. “The government will provide as much relief as possible to the people in these difficult circumstances.”
Last week, the government raised petrol and diesel prices by Rs55 per litre due to rising international oil prices. As a result, petrol reached Rs321.17 per litre, while diesel climbed to Rs335.86 per litre.
Global oil prices surged amid escalating tensions in the Middle East after the United States and Israel carried out strikes on Iran, which reportedly killed its Supreme Leader Ayatollah Ali Khamenei.
Iran responded with strikes on Israel and US bases in Gulf countries and declared it would block vessels from passing through the Strait of Hormuz.
On Friday, oil prices eased slightly after an Indian tanker managed to exit the Strait of Hormuz and the US introduced measures aimed at easing supply concerns. However, prices were still on course for weekly gains as disruptions linked to the Middle East conflict continued.
Brent crude futures for May delivery fell by 63 cents, or 0.6%, to $99.83 per barrel at 1124 GMT, though they remain on track for an 8% weekly increase. Meanwhile, US West Texas Intermediate (WTI) crude for April dropped $1.29, or 1.4%, to $94.44 per barrel, but is still expected to post a 4% gain for the week.
