PM Shehbaz rejects summary seeking hike in petrol, diesel prices

2026-03-27 - 19:01

Prime Minister Shehbaz Sharif has rejected a summary seeking a sharp increase in petrol and diesel prices. Addressing the nation on Friday, he announced that fuel rates would remain unchanged despite a surge in global oil costs. “This week, I was again presented with a proposal to raise petrol prices by Rs95 per litre and high-speed diesel by Rs203 per litre. I have rejected this summary,” the PM stated. He announced that the government would not pass the burden to the public and would instead bear the additional cost of around Rs56 billion itself. He said that petrol in Pakistan should have reached Rs544 per litre and diesel Rs790 per litre. He said that the government had not passed on the cost to the public and, as such, absorbed about Rs125 billion in three weeks. Pakistan is undertaking sincere and comprehensive diplomatic efforts to help bring this war to an end, he said. He added that the objective was to create a pathway to lasting peace through collective wisdom and consultation. “Pakistan’s diplomatic efforts are not merely part of its international obligations; they are also driven by the will of God and aimed at the welfare of the ummah,” he said. He said that all Muslims desired peace, regardless of which school of thought or sect they belonged to. “I had held detailed discussions multiple times with the leaders of Iran and Gulf countries”, he said, adding that Deputy Prime Minister and Foreign Minister Ishaq Dar had also been actively working for the restoration of peace. He said that Chief of Defence Staff Field Marshal Asim Munir was playing an active and key role in advancing the process of dialogue. SECP grants license to first provincial govt-owned life insurer