Prime Minister Shehbaz Sharif, in a televised address to the nation on Friday evening, said the government was taking urgent measures to protect the public from the global surge in oil prices while also working to ensure regional peace.
The prime minister stated that Pakistan was currently playing a crucial role on two fronts: managing the economic impact of rising petroleum prices and promoting stability in the region through diplomacy. He revealed that he had held detailed discussions with the leadership of Iran and Gulf nations to promote sustainable peace.
Sharif acknowledged the country is facing an extraordinary and difficult situation, adding that the government has already made significant financial adjustments to manage the crisis. He disclosed that Rs100 billion has been cut from the development budget to ease economic pressure, while preparations had been completed in advance to tackle the ongoing challenges.
Highlighting efforts to control fuel prices, the prime minister said he had rejected a proposal to increase the diesel prices by Rs203 per litre and petrol prices by Rs95 per litre, while noting that the government would bear an additional burden of Rs56 billion this week to maintain relief.
“Nothing is dearer to me than the economic security of the people,” the prime minister said, adding that based on global market trends, petrol prices in Pakistan should have reached Rs544 per litre. “However, the public is currently paying only Rs322 per litre due to government intervention,” he maintained.
Sharif pointed out that many countries are facing severe fuel shortages, with long queues forming at petrol pumps, while petroleum prices have doubled globally. He emphasized that the government has already borne a historic burden of Rs125 billion over the past three weeks to shield citizens from the full impact of rising costs.
He also highlighted the role of Field Marsha Asim Munir in efforts to promote peace in the Middle East, stressing that coordinated actions are being taken to ensure stability.
Concluding his address, the prime minister said the government is formulating a comprehensive plan to steer the country out of economic difficulties and urged citizens to cooperate during the challenging period.
