KARACHI: Pakistan will not raise petroleum prices despite volatility in global energy markets driven by the escalating war in the Gulf region, Prime Minister Shehbaz Sharif said on Friday, citing the need to shield ordinary citizens from further economic pressure.
Global oil prices have surged amid an intensifying conflict involving Iran, with disruptions to shipping through the Strait of Hormuz, a critical chokepoint for fuel supplies, sending crude prices sharply higher and threatening international trade flows.
Pakistan, which mainly relies on Gulf countries for its energy imports, was forced earlier this month to raise petrol and diesel prices by Rs55 per liter as global oil markets tightened.
The latest spike in prices has prompted Islamabad to review its fuel reserves and consider conservation measures as the regional war threatens to further disrupt energy supplies.
“As promised, we will provide as much relief to the public as possible in these difficult circumstances,” Sharif said in a statement issued by his office.
