PM Shebaz and COAS Munir Want Petrol Price Freeze Despite Global Hike

The federal government is considering not increasing petroleum prices despite rising international oil prices.

From latest data, it is likely that high-speed diesel (HSD) prices could increase by about Rs. 56 per litre, while petrol prices may rise by around Rs. 41 per litre.

Petrol and diesel are currently retailing at more than Rs. 322 and Rs. 337 per litre, respectively.

A potential rise of Rs. 7 per litre for kerosene and Rs. 53 per litre for light diesel oil is also likely.

In a recent consultative session attended by Prime Minister Shehbaz Sharif and Chief of Army Staff Asim Munir, officials considered using nearly Rs. 389 billion for emergencies to cushion the impact of higher global oil prices and limit gurther hikes in coming weeks.

The next petroleum price review is scheduled for March 15, though the decision could be taken earlier following an assessment of international market trends.

Officials are also considering further conservation measures, including gas supply adjustments for industrial sectors and potential rationing later in the year to manage electricity demand and preserve foreign exchange reserves.

Current petrol and diesel inventories are estimated to be sufficient for about three weeks, though diesel imports could face logistical challenges as alternative supply routes require longer shipping times. Meanwhile, Saudi Arabia is supporting crude oil supplies to help local refineries maximize diesel production.

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