PM Shehbaz Sharif Announced Good News on Petrol Prices Amid Global Crisis
In a major relief for inflation-stricken citizens, PM Shehbaz Sharif announced good news on petrol prices on Friday March 13 2026, declaring that the government will not increase petroleum product rates despite a continued rise in global oil prices. The decision, confirmed by the Prime Minister’s Office, aims to ease the financial burden on the common man during these difficult times .
PM Shehbaz Sharif : Government Freezes Fuel Prices
The announcement came as global crude oil prices hover around $100 per barrel due to escalating tensions in the Middle East. In the weekly price review, the government opted to maintain existing rates rather than passing on the increase to consumers .
According to the official statement, the prime minister said, “The prices are not being increased to reduce the burden on the common man. As per my promise, I will provide relief to the people as much as possible” .
Read Also Here: Major Oil Shipment Reached Karachi from UAE
Current petroleum prices in Pakistan stand at:
Product Price per Litre
- Petrol Rs321.17
- High-Speed Diesel Rs335.86
Context of the Decision
The prime minister’s announcement comes just one week after the government implemented a massive Rs55 per litre increase in petrol and diesel prices, following the disruption of global oil supplies triggered by the US-Israel conflict with Iran . That hike represented a 20% increase and sparked panic buying across major cities like Lahore and Karachi .
PM Shehbaz Sharif announced good news on petrol prices despite acknowledging that the global economy is under immense pressure due to regional tensions, which he noted could have significant implications for Pakistan’s economy . He emphasized that the government is making concerted efforts to manage the situation through timely policy decisions, strict austerity measures, and financial discipline .
Austerity Measures Supporting the Decision
The prime minister highlighted that savings generated through the government’s comprehensive austerity drive will be redirected to provide public relief and help absorb the impact of global price shocks . These measures include:
- 50% reduction in fuel allocation for government vehicles for two months
- 60% of government vehicles taken off roads during this period
- Federal cabinet members foregoing salaries for two months
- 25% salary cut for Members of Parliament
- Two-day salary deduction for Grade 20 and above officers and those earning over Rs300,000
- 20% reduction in non-salary expenditures of all government departments
- Complete ban on purchasing vehicles, air conditioners, and other items for government offices
- Ban on foreign visits by the prime minister, ministers, and advisers
- Ban on official dinners and Iftar parties
- Four-day work week for public offices, with 50% staff working from home
- Two-week closure of schools, with universities shifting to online classes
The prime minister noted that provincial governments are fully supporting the federal government’s austerity initiatives, describing it as a “welcome show of unity” .
Emergency Funds to Absorb Shocks
According to officials, the remaining gap between global prices and domestic rates will be filled using the Finance Ministry’s Rs390 billion contingency fund pool . In a high-level consultative session attended by federal and provincial representatives and military leadership, including Chief of Defence Staff Asim Munir, it was decided that no further fuel price hikes would occur in the near future regardless of developments in the Middle East .
The premier reportedly warned that “no emergency could be worse than the current fuel supply crisis” triggered by the US-Israel attack on Iran and its aftermath, signaling the government’s determination to shield Pakistanis from global energy turbulence .
Adequate Oil Supplies Secured
PM Shehbaz Sharif announced good news on petrol prices while also revealing that thanks to the efforts of Pakistan’s diplomatic and economic teams, adequate quantities of crude oil are available to meet the country’s requirements .
Two vessels carrying 100 million to 120 million litres of oil reached Karachi, with Pakistan National Shipping Corporation officials confirming the arrival under the protection and escort of the Pakistan Navy following recent attacks on vessels in the region . Federal Minister for Maritime Affairs Muhammad Junaid Anwar expressed gratitude to the Navy for ensuring the safe transfer of these vital national assets .
The Pakistan Navy has launched Operation Muhafiz-ul-Bahr to safeguard national shipping and maritime trade amid rising regional security threats and potential disruptions to critical sea lanes .
Weekly Price Review Mechanism
The government has shifted to a weekly petroleum price review system instead of the previous fortnightly mechanism to respond more quickly to volatile global market conditions . Petroleum Minister Ali Pervaiz Malik had earlier stated that the government would reduce fuel prices as soon as the situation improves .
Following the closure of the Strait of Hormuz, oil is now being transported from alternative ports in Saudi Arabia. Saudi Aramco has assured that it will supply oil even if Pakistan sends larger tankers .
Provincial Collaboration on Price Control
The prime minister emphasized that federal and provincial governments are working together to ensure that no one charges prices higher than the government-fixed rates . He expressed hope that conditions at the global level will improve and stability will return to petroleum product prices in the international market .
Reaction and Outlook
The announcement has been welcomed by citizens who were bracing for another round of price hikes following the recent Rs55 increase. However, officials caution that the situation remains fluid and will be reviewed weekly based on global market developments.
The prime minister’s decision demonstrates a commitment to prioritizing public welfare over fiscal considerations during this period of extraordinary global uncertainty. By absorbing the impact of rising international prices through austerity measures and contingency funds, the government aims to provide much-needed stability to household budgets during the holy month of Ramadan.
Analysis by Best Pak Mag:
The fact that PM Shehbaz Sharif announced good news on petrol prices by freezing rates despite global oil hovering around $100 per barrel represents a significant political and economic decision. After the painful Rs55 per litre increase just one week earlier, another hike would have devastated household budgets during Ramadan and triggered widespread public anger. The government’s commitment to absorb future shocks through the Rs390 billion contingency fund demonstrates the value of fiscal buffers during crises . However, the sustainability of this approach depends on how long the global disruption continues. If the Strait of Hormuz remains closed for weeks or months, the cost of absorbing price differences could exhaust contingency funds rapidly. The arrival of 100-120 million litres of oil under Navy escort provides immediate supply security , but the two Pakistani ships still stranded in the Persian Gulf serve as a reminder of ongoing risks. The weekly price review mechanism offers flexibility, but also means consumers face uncertainty every seven days. For now, citizens can breathe a temporary sigh of relief. The real test will come if the Middle East conflict escalates further and global prices breach the $130-150 per barrel range that analysts warn could push Pakistani petrol toward Rs500 per litre .
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