Pakistan Holds Steady on Fuel Prices Amid Global Volatility
Prime Minister Shehbaz Sharif has decided against increasing petroleum product prices in Pakistan, despite a rise in the global oil market. The decision, announced on Friday, March 13, 2026, aims to alleviate the financial burden on citizens during a period of economic pressure.
Commitment to Public Relief
According to a statement released by the Prime Minister’s Office (PMO), the move honors a promise made to the public. PM Sharif emphasized the government’s commitment to providing as much relief as possible to the people during these challenging times. “The prices are not being increased to reduce the burden on the common man,” the PMO statement read.
Global Economic Pressures and Regional Tensions
The decision comes as the global economy faces headwinds due to regional tensions, which could significantly impact Pakistan’s economic stability. The Prime Minister highlighted that the government is addressing the situation through timely policy decisions, austerity measures, and financial discipline.
Austerity Measures and Crude Oil Supply
PM Sharif noted that provincial governments are supporting the federal government’s austerity efforts, a development he welcomed. He also credited the efforts of Pakistan’s diplomatic and economic teams for securing adequate quantities of crude oil to meet the country’s needs. Both federal and provincial governments are working together to ensure that fuel is sold at government-fixed prices.
Recent Price Increases and Context
This decision reverses a trend of recent price hikes. Last week, the government increased diesel and petrol prices by Rs55 per litre, or 20%, due to the ongoing conflict in the Middle East—specifically, the US-Israel attack on Iran and subsequent retaliatory actions—which has disrupted supply chains and driven up crude oil prices to a two-year high The News.
The previous increase saw the price of high-speed diesel rise to Rs336 per litre and petrol to Rs321 per litre The News. The government also increased the petroleum levy on petrol to a record Rs105.4 per litre, while reducing it to Rs55 per litre on diesel.
Looking Ahead
Prime Minister Sharif expressed hope that global conditions will improve and that petroleum product prices will stabilize in the international market. The government remains committed to monitoring the situation and taking necessary steps to protect consumers from price fluctuations Dawn, Pakistan Today, APP.