ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif has decided not to increase the prices of petroleum products, despite a sharp rise in rates across the international market with petrol price remaining stable at Rs321.17 per litre.
The Prime Minister emphasized that this decision honors his commitment to the “common man,” ensuring that the burden of global economic volatility does not fall directly on the citizens.
The Prime Minister stated that the government is dedicated to providing as much relief as possible during these challenging times. He acknowledged that regional tensions have placed the global economy under immense pressure, which poses a serious risk to Pakistan’s own economic stability.
“Through timely policymaking, government austerity measures, and strict financial discipline, we are striving to manage this situation to the best of our human ability,” the Prime Minister remarked.
Just a week ago, on March 6, 2026, the federal government dropped what was widely termed a “petrol bomb” by increasing the prices of petrol and high-speed diesel by a staggering Rs55 per litre. This historic surge was driven by a sudden explosion in global oil prices following the escalation of the US-Israel conflict with Iran, which saw crude oil jump from roughly $78 to over $106 per barrel almost overnight. The closure of the Strait of Hormuz, a critical energy corridor, forced the government to abandon its fortnightly pricing schedule in favor of weekly reviews, pushing the domestic price of petrol to an unprecedented Rs321.17 per litre.
Related: Petrol pump owners announce indefinite strike
The announcement triggered immediate and widespread outrage across the country, as citizens scrambled to fill their tanks, leading to chaotic scenes and miles-long queues at fuel stations. On social media, the hashtag #PetrolBomb trended as Pakistanis expressed their fury over the soaring cost of living, with many pointing out the irony of the public being asked to “tighten their belts” while the ruling elite continued to enjoy state-funded fuel allowances. Labour federations and economic experts warned that the Rs55 hike would create a catastrophic ripple effect on food and transport costs, leaving the middle and lower classes struggling for survival.