ISLAMABAD: Prime Minister Shehbaz Sharif on Friday announced that petroleum prices will remain unchanged for the current review period, a move aimed at providing relief to citizens amid rising global oil prices and mounting economic pressure.

According to a statement issued by the Prime Minister’s Office, the premier decided not to increase the prices of petroleum products despite volatility in the international oil market. The decision, he said, was taken to honour the government’s commitment to protect the public from additional financial strain during a difficult economic period.

The prime minister warned that the global economy is currently facing intense pressure due to regional tensions, which could significantly impact Pakistan’s economic stability. However, he said the government’s timely policy decisions, strict financial discipline and ongoing austerity measures were helping manage the situation effectively.

Sharif also highlighted the role of provincial governments in supporting the federal administration’s economic strategy. He said coordinated efforts between the federation and provinces were strengthening the implementation of austerity policies designed to stabilise the national economy.

The premier further assured that Pakistan currently has sufficient crude oil supplies due to coordinated efforts by the country’s diplomatic and economic teams. Authorities, he said, are closely monitoring the market to ensure that fuel is sold strictly at government notified prices across the country.

The announcement comes days after the government increased petrol and diesel prices by a record Rs55 per litre following disruptions in global oil supplies linked to tensions in the Middle East. Officials had indicated that another price review was expected on March 15, but the latest decision signals a temporary freeze as the government seeks to shield consumers from further inflationary pressure.