PM Shehbaz Sharif Announces No Hike in Petrol, Diesel Prices

Saturday, 21 March 2026 | Web Desk

Prime Minister Shehbaz Sharif has announced that the government will not increase the prices of petrol and diesel, providing significant relief to the nation amid soaring global oil prices driven by the Middle East crisis.

In an address to the nation, the Prime Minister shared the good news, revealing that he had rejected a summary proposing a Rs 50 per litre increase in petrol and a Rs 74 per litre increase in diesel.

‘Decision Made for Eid’

“I have decided not to increase the prices of petrol and diesel on the joyous occasion of Eid,” the Prime Minister stated, emphasizing that the government was mindful of the public’s difficulties during the festive period.

Government to Absorb Rs 24 Billion Burden

Shehbaz Sharif announced that the government would absorb the additional financial burden of Rs 24 billion resulting from the decision to keep prices unchanged.

“The government will bear this additional burden of Rs 24 billion on petroleum products itself,” he said, highlighting the administration’s commitment to public relief despite economic pressures.

Global Oil Prices Soar Due to Regional Crisis

The Prime Minister explained that the ongoing situation in the Middle East has caused global oil prices to skyrocket.

“Due to the situation in the Middle East, Gulf oil prices have gone through the roof. There are fears that this crisis may escalate further, and oil prices could rise even more,” he warned.

Fiscal Discipline and Savings

Shehbaz Sharif noted that the government’s prudent fiscal measures had enabled it to provide this relief to the public.

“Through our austerity measures, the government has already saved Rs 69 billion,” he informed the nation, crediting careful financial management for creating the fiscal space to absorb the petroleum price shock.

Context of Decision

The announcement comes as the ongoing war between US-Israeli forces and Iran has entered its third week, causing significant disruption to global energy supplies. The closure of the Strait of Hormuz has forced regional importers, including Pakistan, to seek alternative routes, increasing transportation and insurance costs.

The Prime Minister’s decision to forgo a price increase is expected to provide much-needed relief to consumers ahead of Eid celebrations, though he cautioned that the government would continue to monitor the situation closely.