Prime Minister Shahbaz Sharif announced that the prices of petrol and diesel would not be increased.
Addressing the nation on Friday, the prime minister stated that he had rejected the proposal to raise the prices of petroleum products during the joyous moments of Eid-ul-Fitr. He expressed gratitude to the people for their patience and resilience.
The prime minister said the burden of oil prices is being felt worldwide and is giving rise to an inflationary crisis. He warned that the situation could worsen if current trends continue.
PM Shehbaz said: "The attacks on neighbouring countries have further complicated the situation. The regional conflict has shaken the global economy and stability."
He said that the continuous hard work and selfless efforts can lead the country out of the crisis, stressing that the spirit of sacrifice and dedication is required more now than ever.
The premier said: "Daily reviews are being conducted on austerity measures to ensure their effectiveness. Austerity policies are in full operation."
He emphasised that the government is bearing the burden of any price increase to protect the people. Developmental expenditures have been limited, the prime minister said.
"To prevent an increase of Rs127 on petrol and Rs252 on diesel, the government has spent Rs69 billion. The government will bear additional expenditures of Rs45 billion this week," he added.
"People in all four provinces, including Gilgit and Azad Kashmir, will not face additional burdens. Global oil prices have risen sharply," he said.
Diesel prices had a proposed increase of Rs74, while petrol had a proposed increase of Rs50, which he rejected. He said the war has affected the lives of ordinary citizens and the world is facing extraordinary trials.
This Eid calls for national responsibility and collective solidarity, the prime minister said.
Ramadan has passed in worship and service to humanity, he added.
