Web Desk: Prime Minister Shehbaz Sharif addressed the nation at 9:00 p.m. on Friday to announce the formal rejection of a proposed hike in petroleum prices. Despite recommendations from the Oil and Gas Regulatory Authority (OGRA) to increase rates due to surging global crude prices, the Prime Minister opted to shield the public from further inflationary pressure.
During his televised speech, the Prime Minister confirmed that he received proposals to increase petrol prices by as much as 76 PKR per liter and high-speed diesel (HSD) by 177 PKR per liter. However, he firmly turned down these suggestions, citing the heavy financial burden already carried by the common man following a 55 PKR increase earlier this month. Consequently, the federal government will absorb a financial impact of approximately 24 billion PKR to keep prices stable for the current fortnight.
Specifically, the Prime Minister noted that international oil prices have skyrocketed toward 150 dollars per barrel due to ongoing geopolitical tensions in the Middle East. Nevertheless, he emphasized that the government chose to utilize savings from the development budget and implement austerity measures rather than passing the cost to consumers. He stated that his top priority remains the protection of the middle and lower-income classes during this “inflation storm.”
In addition to the fuel price freeze, the Prime Minister discussed broader energy challenges and the impact of regional conflicts on national infrastructure. He also highlighted new measures to curb fuel consumption in the government sector, including a complete ban on high-octane fuel for official vehicles. Furthermore, he directed relevant ministries to finalize a targeted subsidy mechanism to ensure that future relief reaches only the most deserving citizens.
As the address concluded, the Prime Minister called for national unity and resilience. He assured the public that the government would continue to monitor the global situation closely while exploring sustainable energy alternatives to reduce dependence on expensive imports.
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