ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday said his government had decided against raising fuel prices ahead of Eid Al-Fitr, opting instead to absorb the financial impact to shield consumers from further cost pressures.
The decision comes weeks after Pakistan increased petrol and diesel prices by nearly Rs55 ($0.20) per liter, following a surge in global oil prices driven by the ongoing conflict involving Iran, the United States and Israel.
The earlier increase pushed petrol prices above Rs320 ($1.14) per liter and diesel close to Rs336 ($1.20), adding to inflationary pressures by raising transport, food and retail costs during the peak Eid season.
“I was advised to increase the fuel price by Rs76 for petrol and Rs137 for diesel,” Sharif said in a televised address.
“But under the pretext of responsibility, especially as Eid approaches, I have rejected the suggestion of increasing the fuel price by Rs76 for petrol and Rs137 for diesel.”
