KARACHI: Pakistan will not raise petroleum prices despite volatility in global energy markets driven by the escalating war in the Gulf region, Prime Minister Shehbaz Sharif said on Friday, citing the need to shield ordinary citizens from further economic pressure.
Global oil prices have surged amid an intensifying conflict involving Iran, with disruptions to shipping through the Strait of Hormuz, a critical chokepoint for fuel supplies, sending crude prices sharply higher and threatening international trade flows.
Pakistan, which mainly relies on Gulf countries for its energy imports, was forced earlier this month to raise petrol and diesel prices by Rs55 per liter as global oil markets tightened.
The latest spike in prices has prompted Islamabad to review its fuel reserves and consider conservation measures as the regional war threatens to further disrupt energy supplies.
“As promised, we will provide as much relief to the public as possible in these difficult circumstances,” Sharif said in a statement issued by his office.
“Due to tensions in the region, the global economy is currently under pressure and there is a risk that Pakistan’s economy could face significant impacts,” he said.
Sharif said the government was trying to manage the situation through timely policy decisions, fiscal discipline and austerity measures while seeking to minimize the burden on lower-income households.
“Thanks to the efforts of the diplomatic and economic teams, an adequate quantity of crude oil is available to meet the country’s requirements,” he said.
He added that federal and provincial governments were working together to prevent retailers from charging prices higher than those set by the government.
Sharif also expressed hope that global conditions would stabilize and ease pressure on energy markets.
“We pray that the global situation improves and that stability returns to petroleum prices in international markets,” he said.
Pakistan’s economy, already under strain from inflation and external financing pressures, is particularly vulnerable to volatility in global oil prices due to its heavy reliance on imported fuel.
