Pakistan Prime Minister Shehbaz Sharif has said his government will absorb a 56bn-rupee fuel subsidy to shield people from rising energy costs linked to the Middle East conflict.
In a televised address on Friday, Sharif said: "Today in Pakistan, the price of petrol should have been 544 Pakistani rupees per litre, but you are getting it for only 322 rupees."
He added that diesel prices were also being kept below market levels, saying they should have reached around 790 rupees per litre but were being sold at about 335 rupees.
Sharif said Pakistan was working "day and night" on diplomatic efforts to promote regional peace, alongside measures to protect the public from rising global oil prices.
Earlier in March, schools across Pakistan were forced to close for a fortnight and government departments shifted to a four-day week.
Pakistan imports most of its energy and has already raised petrol and diesel prices to record levels.
Brent crude is above $100 a barrel, while the Strait of Hormuz is effectively closed, delaying fuel shipments worldwide.
Earlier this month, Pakistan increased consumer prices for diesel and petrol, citing higher oil prices driven by the conflict in Iran. The move fed through into higher inflation and hit Pakistan’s poorest communities.
Recent footage from cities including Lahore and Karachi showed long queues at petrol stations, with motorcyclists lining up to refuel as prices rose.
Pakistan imports most of its oil from Saudi Arabia and the UAE through the Strait of Hormuz.
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Pakistan has resumed military operations against Afghanistan after a brief Eid ceasefire, officials said on Thursday, dampening hopes of a lasting truce following the worst cross-border fighting in years.
Iran has rejected a U.S. proposal to end the war, insisting any ceasefire will occur only on its own terms and timeline, according to a senior political-security official speaking to state-run Press TV on Wednesday.
Pakistan has offered to host talks between the U.S. and Iran to end the Gulf conflict, as tensions remain high despite reports of possible diplomacy and continued military strikes across the region.
Afghan authorities say Pakistani jets entered northern Afghanistan, while Pakistan insists its actions target terrorism, highlighting continued strain after a temporary Eid ceasefire ended.
The foreign ministers of the G7 group of nations on Friday called for an immediate stop to attacks against civilians and civilian infrastructure in the Iran war.
The involvement of Yemen’s Houthis has heightened regional tensions as the Iran-aligned group joins the conflict. The U.S. says it is hopeful of holding talks with Iran in the coming days, while Tehran has said that "talking and bombing is intolerable". Welcome to our live coverage of the conflict.
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Pakistan has resumed military operations against Afghanistan after a brief Eid ceasefire, officials said on Thursday, dampening hopes of a lasting truce following the worst cross-border fighting in years.
The involvement of Yemen’s Houthis has heightened regional tensions as the Iran-aligned group joins the conflict. The U.S. says it is hopeful of holding talks with Iran in the coming days, while Tehran has said that "talking and bombing is intolerable". Welcome to our live coverage of the conflict.
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