Pakistan Holds Fuel Prices Steady Amid Global Market Volatility

Islamabad – Prime Minister Shehbaz Sharif has decided to maintain current petroleum product prices, defying a recent uptick in the global oil market. The decision, announced on Friday, March 13, 2026, aims to alleviate the financial burden on Pakistani citizens, according to a statement from the Prime Minister’s Office (PMO).

Relief for Consumers

The Prime Minister stated that the government would fulfill its “promise” to provide relief to the people as much as possible. This move comes despite increasing pressure from the global economy, which is currently strained by regional tensions and their potential impact on Pakistan’s economy Dawn.

Economic Considerations and Austerity Measures

PM Sharif emphasized that timely policy-making, government austerity measures, and financial discipline are crucial for navigating the current economic challenges. He also welcomed the support of provincial governments in implementing these austerity measures. The government has secured adequate crude oil supplies through diplomatic and economic efforts, ensuring that consumers are not charged above the government-set prices BR Web Desk.

Recent Price Increases and Global Instability

This decision reverses a recent trend of increasing fuel costs. Last week, the government raised petrol and diesel prices by Rs55 per litre, responding to international oil price hikes triggered by escalating tensions in the Middle East, including conflict involving Iran BR Web Desk. The situation was further complicated by concerns over disruptions to oil supply through the Strait of Hormuz.

Government Collaboration and Emergency Funds

The Prime Minister’s decision was made in consultation with military leadership, including Chief of Defence Forces Field Marshal Asim Munir. The government plans to utilize block allocations for emergencies to absorb any further price increases, recognizing that the current fuel supply disruptions pose a significant threat to the nation Dawn.

Global Market Update

While oil prices dipped slightly on Friday, March 13, 2026, following an Indian tanker’s passage through the Strait of Hormuz and US efforts to ease supply concerns, they remain on track for weekly gains due to ongoing disruptions in the Gulf BR Web Desk. Brent futures for May declined 63 cents, or 0.6%, to $99.83 a barrel at 1124 GMT, while US West Texas Intermediate (WTI) crude for April declined $1.29, or 1.4%, to $94.

The Prime Minister expressed hope for an improvement in the global situation and stabilization of petroleum product prices.