ISLAMABAD: Prime Minister Shehbaz Sharif has made the decision not to increase petroleum prices even though international oil rates have risen sharply. Due to this decision, the price of petrol remains the same at Rs 321.17 per litre in Pakistan.
The Prime Minister stated that “this is our commitment to the common man of Pakistan to provide relief to him against the vagaries of global economic volatility. We are not allowing the international market to burden the people of Pakistan.”
The Prime Minister stated that “we are trying to provide maximum relief to the people of Pakistan during these challenging economic times. The tensions in the region have created immense pressure on the global economy. The global economy is also a threat to the economic stability of Pakistan.”
Just last week, on March 6, 2026, the federal government increased the prices of petrol and high-speed diesel. The increase was Rs55 per litre. The sudden hike surprised many people across the country. Many citizens referred to it as a “petrol bomb.”
The government announced the price increase after global oil prices rose sharply in the international markets. The rise in oil prices was linked to tensions between the US, Israel, and Iran. These tensions created uncertainty in the global energy market. As a result, crude oil prices increased significantly.
The conflict caused crude oil prices to move from an initial price of about $78 to over $106 per barrel within a short time. In addition, the Strait of Hormuz issue contributed to supply chain worries. Due to the unstable market environment, the government made the move to switch to weekly pricing from the usual fortnightly pricing mechanism, resulting in a historical price of Rs321.17 for petrol.
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