Prime Minister PM Shehbaz Sharif on Saturday chaired a high-level meeting to review Pakistan’s economic situation amid ongoing global tensions. Officials briefed him on the impact of international developments on the country’s economy.
According to a statement from the PM Office, PM Shehbaz directed the development of a policy focused on growth, austerity, and savings. Practical recommendations are expected within 48 hours. He emphasised that public relief should remain a top priority while minimising the burden on citizens.
On petroleum supply, PM Shehbaz ordered strict action against hoarding and artificial shortages. He directed authorities to revoke licenses and initiate legal proceedings against companies creating scarcity. He also instructed the Finance and Petroleum ministers to coordinate with provincial governments to ensure uninterrupted supply and enforce conservation measures.
The government recently increased petrol and high-speed diesel prices by Rs55 per litre. The adjustment, announced by Petroleum Minister Ali Pervaiz Malik, was approved by PM Shehbaz Sharif. Petrol now costs Rs321 per litre, while high-speed diesel is Rs336 per litre.
The petroleum levy structure was also revised. Petrol’s levy increased to Rs105.4 per litre, while diesel’s levy was reduced to Rs55 per litre. The move aims to ease the burden on the transport and agriculture sectors, which rely heavily on diesel.
Prices of kerosene oil and light diesel oil also rose due to global fuel price surges. Kerosene oil increased by Rs130 per litre to Rs319, while light diesel oil rose by Rs68 to Rs235 per litre.
The global oil market has seen sharp volatility amid Middle East tensions. Crude prices reached a two-year high, with petrol rising from $78 to $107 per barrel and diesel from $88 to nearly $150 per barrel within six days.
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The government said these price adjustments are necessary to maintain fuel availability amid supply disruptions and rising import costs. Authorities will continue monitoring global markets and review petroleum pricing weekly to respond to changing conditions.
