ISLAMABAD: The Jamaat-e-Islami (JI) religious party on Thursday criticized the Pakistani government for increasing the prices of petroleum products, despite a decline in rates in the international market.
On Tuesday, US crude oil prices fell by 1 percent to below $67 per barrel, adding to Monday’s losses of more than 4 percent. This price level was the lowest since the beginning of October as market participants reassessed the risks of escalating Israeli attacks in the Middle East and potential disruptions in the oil sector.
Oil prices were likely to remain “too cheap” in the near term compared with fundamentals, Goldman Sachs analyst Daan Struyven told CNBC, citing demand from refilling the US Strategic Petroleum Reserve as well as from the airline industry.
But Pakistani authorities on Thursday respectively increased the prices of petrol and high-speed diesel by Rs1.35 and Rs3.85 per liter for the next fortnight, according to the country’s oil and gas regulator.
“The government is not ready to give relief to the people and the industry, then how will the country move forward,” JI chief Hafiz Naeem-ur-Rehman asked in his post on X late Thursday.
“Prices are decreasing in the international market and increasing in Pakistan.”
Rehman said the government increased the prices instead of announcing a major cut, demanding it to provide relief to the masses.
Pakistan revises petroleum prices every fortnight.
Petrol is mostly used in private transport, small vehicles, rickshaws and two-wheelers in Pakistan, while any increase in the price of diesel is considered highly inflationary as it is mostly used to power heavy transport vehicles and particularly adds to the prices of vegetables and other eatables.
This is not the first that the JI has called on the government to provide relief to inflation-stricken people.
In August this year, Rehman had led thousands of his JI party supporters to the garrison city of Rawalpindi, where they had staged a weeks-long anti-inflation protest. Demonstrations were also occasionally held in other Pakistani cities during the month.
Pakistan party protests increase in petroleum prices despite slump in international market
https://arab.news/jb57x
Pakistan party protests increase in petroleum prices despite slump in international market
- Global oil prices are likely to remain ‘too cheap’ in the near term, analysts say
- Jamaat-e-Islami demands the government provide relief to inflation-hit Pakistanis
Pakistan highlights economic reforms at Davos, eyes cooperation in AI, IT and minerals
- Prime Minister Shehbaz Sharif speaks at breakfast event in Davos at sidelines of World Economic Forum summit
- Pakistan, rich in gold, copper reserves, has sought cooperation with China, US, Gulf countries in its mineral sector
ISLAMABAD: Prime Minister Shehbaz Sharif highlighted Pakistan’s recent economic reforms during the sidelines of the ongoing World Economic Forum (WEF) summit in Davos on Wednesday, saying that his country was eyeing greater cooperation in mines and minerals, information technology, cryptocurrency and artificial intelligence with other states.
The Pakistani prime minister was speaking at the Pakistan Pavilion in Davos on the sidelines of the WEF summit at a breakfast event. Sharif arrived in Switzerland on Tuesday to attend the 56th annual meeting of the WEF, which brings together global business leaders, policymakers and politicians to speak on social, economic and political challenges.
Pakistan has recently undertaken several economic reforms, which include removing subsidies on energy and food, privatization of loss-making state-owned enterprises and expanding its tax base. Islamabad took the measures as part of reforms it agreed with the International Monetary Fund (IMF) in exchange for a financial bailout package.
“We are now into mines and minerals business in a big way,” Sharif said at the event. “We have signed agreements with American companies and Chinese companies.”
Islamabad has sought to attract foreign investment in its critical minerals sector in recent months. In April 2025, Pakistan hosted an international minerals summit where top companies and government officials from the US, Saudi Arabia, China, Türkiye, the UK, Azerbaijan, and other nations attended.
Pakistan is rich in gold, copper and lithium reserves as well as other minerals, yet its mineral sector contributes only 3.2 percent to the countrys GDP and 0.1 percent to global exports, according to official figures.
Sharif said Pakistan has been blessed with infinite natural resources which are buried in its mountains in the northern Gilgit-Baltistan, Khyber Pakhtunkhwa, Azad Kashmir and southwestern Balochistan regions.
“But we have now decided to go forward at lightning speed,” he said. “And we are also moving speedily in the field of crypto, AI, IT.”
He said the government’s fiscal and economic measures have reduced inflation from nearly 30 percent a few years ago to single-digit figures, adding that its tax-to-GDP ratio had also increased from 9 to 10.5 percent.
The prime minister admitted Pakistan’s exports face different kinds of challenges collectively, saying the country’s social indicators needed to improve.
“But the way forward is very clear: that Pakistan has to have an export-led growth,” he said.
SHARIF MEETS IMF MANAGING DIRECTOR
Separately, Sharif met IMF Managing Director Kristalina Georgieva on improvements in Pakistan’s macroeconomic indicators, efforts toward stability and progress on institutional reforms, a statement from Sharif’s office said.
He emphasized Pakistan’s commitment to fiscal discipline, revenue mobilization and sustainable development, it added.
The IMF managing director acknowledged and appreciated Pakistan’s reform efforts, the Prime Minister’s Office (PMO) said.
“Both sides exchanged views on the global economic outlook, challenges facing emerging economies, and the importance of multilateral cooperation in safeguarding economic stability,” the PMO said.
