Fuel prices hike announced amid global crisis: PM Shehbaz

Islamabad: Prime Minister Shehbaz Sharif announced the new prices of petrol on Friday in view of the increase in oil prices in the global market.

According to details, Prime Minister Shehbaz Sharif indicated the determination of new prices of petroleum products on Friday in view of the increasing prices of crude oil in the global market and the situation in the Middle East.

Addressing the federal cabinet meeting, the Prime Minister said that crude oil prices have increased due to the Iran-US war, it is a very difficult time, but there were no queues in Pakistan like in other countries.

He clarified that the recent conflict between Iran and the US has had a profound impact on the global economy as well as on the economic stability of Pakistan.

The Prime Minister told the cabinet that before the war situation, Pakistan’s weekly petroleum import bill was $300 million, which has now reached $800 million after an extraordinary increase.

He said that the increase in oil prices in the global market has affected our efforts to stabilize the economy, however, the government is taking all possible steps to deal with this situation through collective efforts.

Shehbaz Sharif appreciated the efforts of Petroleum Minister Ali Pervez Malik and his team and said that a task force is monitoring the situation on a daily basis.

He expressed satisfaction that despite the global crisis, there were no queues at petrol pumps in Pakistan like in other countries and the supply chain has been maintained.