ISLAMABAD: Prime Minister Shehbaz Sharif has decided to maintain current petroleum prices in Pakistan, rejecting proposals to increase rates. Addressing the nation, he confirmed that suggested hikes of Rs95 per litre for petrol and Rs203 per litre for diesel during the week were not approved by the government.
The Prime Minister emphasized that petrol will continue to be sold at Rs322 per litre and diesel at Rs335 per litre, aiming to provide economic stability for citizens despite rising global pressures on fuel costs. This decision reflects the government’s commitment to balancing economic challenges without imposing additional financial strain on the public.
In a significant development, the Economic Coordination Committee (ECC) approved a Rs100 billion technical supplementary grant (TSG) to shield consumers from potential petroleum price increases. Chaired by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, the ECC meeting at the Finance Division on Friday authorized the transfer of these funds to the Prime Minister’s Austerity Fund 2026 via the TSG mechanism.
The ECC was informed that, considering recent developments in the Gulf region and their possible effects on international oil prices, the Prime Minister directed the mobilization of Public Sector Development Program (PSDP) resources. These resources will address price differentials in petroleum products to protect consumers from market volatility.
Furthermore, the ECC highlighted that the allocation of funds is being managed through the rationalization and surrender of PSDP funds by various ministries and divisions. This process is coordinated by the Planning, Development and Special Initiatives Division in consultation with Principal Accounting Officers.
Separately, the committee approved plans to procure up to one million metric tonnes of wheat for strategic reserves under the Interim National Wheat Policy (INWP) 2025–26. The Ministry of National Food Security and Research submitted the summary outlining procurement through private sector participation, which will be conducted via a transparent and competitive process.
However, the ECC directed that critical aspects such as financial implications, pricing benchmarks, and operational modalities be further refined in coordination with the Finance Division before final approval.
