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.
Prospects for new peace talks between Iran and the U.S. are “dim,” with both sides operating on false ass...
A Canadian woman has been shot dead and 13 others injured in a shooting at the Teotihuacan pyramids on Monday, one of Mexico’s m...
Representatives of U.S. President Donald Trump’s proposed “Board of Peace” have held discussi...
Japan on Tuesday unveiled its biggest overhaul of defence export rules in decades, scrapping restrictions ...
Start your day informed with AnewZ Morning Brief. Here are the top news stori...
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 21st of April, covering the latest developments you need to know
Iran is considering attending peace talks with the United States in Pakistan, a senior Iranian official told Reuters on Monday, following moves by Islamabad to end a U.S. blockade of Iran's ports, a significant obstacle to Tehran rejoining peace efforts as the end of a two-week ceasefire approaches
The Iranian-flagged container ship Touska, which was boarded and seized by U.S. forces on Sunday (18 April), is likely to have what Washington deems dual-use items that could be used by the military onboard, maritime security sources said on Monday.
Pakistan is confident it can bring Iran to talks with the United States, a senior official said, citing “positive signals” from Tehran, as JD Vance is reportedly set to visit Islamabad on Tuesday for peace talks, according to Axios.
Iran accuses the United States of breaching a ceasefire after a commercial ship was seized in the Gulf of Oman, vowing retaliation, as Israel warns south Lebanon residents to avoid restricted areas.
Progessive Bulgaria, led by pro-Russian Eurosceptic Rumen Radev is on track to form Bulgaria’s next government, after official results showed a runaway victory for the coalition in the Balkan nation's parliamentary elections on Monday (20 April).
Blue Origin, the U.S. space company of billionaire Amazon founder Jeff Bezos, successfully reused and recovered a booster for its New Glenn rocket launched from Florida on Sunday (19 April), in the latest chapter of its intensifying rivalry with Elon Musk’s SpaceX.
A powerful 7.5 magnitude earthquake has struck off Japan’s north-eastern coast, triggering urgent tsunami warnings with waves of up to 3 metres expected, prompting residents to seek immediate safety.
The Trump Organization, a real estate conglomerate owned by U.S. President Donald Trump and managed by his sons, has announced plans to build Georgia’s tallest building in the capital, Tbilisi. The project will mark the first Trump-branded development in the region.
Representatives of U.S. President Donald Trump’s proposed “Board of Peace” have held discussions with Dubai‑based logistics giant DP World over potential roles in managing supply chains and infrastructure projects in Gaza, Reuters reports, citing the Financial Times, which reported on Tuesday.
Israeli strikes killed at least five people across the Gaza Strip on Monday (20 April), Palestinian health officials said, as clashes were reported between Hamas fighters and an Israeli-backed militia.
President of Armenia Vahagn Khachaturyan met a senior NATO envoy in Yerevan to discuss expanding cooperation the presidential office said.
Kyrgyzstan plans to expand its nationwide video surveillance system, with up to 20,000 cameras set to be installed, President Sadyr Zhaparov has announced.
Turkish authorities are mulling new measures to protect children from dangerous online content after the country was shaken last week by two separate school shootings.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment