PM Shehbaz rejects summary to hike petrol, diesel prices, again

• Govt to bear fuel cost burden, not passing to public: PM Shehbaz.
• Says he rejected summary to hike petrol price by Rs95, diesel Rs203.
• Adds petrol should be Rs544, but govt providing it at Rs322.

Prime Minister Shehbaz Sharif has rejected a summary to hike petrol and high-speed diesel (HSD) prices once again despite a surge in global oil rates.

The prime minister announced maintaining petrol and diesel prices during an address to the nation. The statement comes as the federal govt was scheduled to review the fuel prices on March 27 (today). On March 20, the government maintained the petrol and diesel prices.

Addressing the nation on Friday, the premier said he received a summary seeking a hike of Rs95 per litre for petrol and Rs203 per litre for diesel.

However, the prime minister said that he had rejected the summary and that the govt will bear the additional cost instead of passing it on to the public.

He said petrol should cost Rs544 per litre today, but the govt is providing it at Rs322 per litre. Similarly, diesel should be Rs790 per litre, but it is being sold at Rs335 per litre.

“The govt estimates that maintaining the current prices will cost government around Rs56 billion,” the PM added.

PM Shehbaz said this step is aimed at protecting consumers from sudden price hikes while managing the economic impact internally.

On the regional situation, the prime minister went on to say that the country is working successfully on two fronts and trying to ensure that the region and friendly countries are saved from this destructive war.

The premier added that he has held several detailed talks with the leaders of Iran and Gulf countries. He described Pakistan’s diplomatic work as both an international duty and a religious responsibility, saying, “Foreign Minister Ishaq Dar is working with full effort and sincerity.”

The prime minister also acknowledged the role of Chief of Defence Forces (CDF) Field Marshal Asim Munir, saying that he is playing a key role in this process. 

PM Shehbaz said that Pakistan remains active on diplomatic channels day and night to promote stability and peace in the region.