No relief as petroleum prices stay unchanged despite global shifts

ISLAMABAD: Despite fluctuations in international markets and import premiums, the government has decided to reap the benefits itself rather than providing relief to the public, keeping petroleum prices unchanged.

As the public anticipated a significant reduction in petroleum prices following reports emerged ahead of the fortnightly price revision, Prime Minister Shehbaz Sharif announced on Saturday that the prices would remain unchanged.

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Even oil marketing companies had estimated that the government will reduce the price of petrol by up to Rs15.2 per litre.

However, instead of passing the benefit on to the public, the government increased the petroleum levy from Rs60 to Rs70 per litre as part of its efforts to secure additional financing from the International Monetary Fund (IMF, sources claimed.

To avoid backlash, the prime minister has, however, hinted at a significant ‘relief package’ aimed at reducing electricity tariffs.

According to him, the government has opted to provide financial relief to the public by lowering electricity prices instead of adjusting fuel rates. “We have decided to pass on the full financial benefit to the people by reducing power tariffs,” he said. 

Shehbaz Sharif stated that this measure would lead to a meaningful reduction in electricity bills and help ease the burden of inflation. 

A comprehensive package for lowering power rates is in the works, with the government giving it final touches, the prime minister said, adding that an official announcement would be made in the coming weeks. 

Reaffirming his commitment to providing public relief, Shehbaz Sharif said his government prioritised easing the financial burden on citizens from the moment it took office. 

“This initiative will not only bring down electricity prices but also have a positive impact on overall inflation,” he added.

Meanwhile, gold prices, after reaching an all-time high in Pakistan, recorded a slight decline on Saturday, dropping by Rs300 per tola. 

Gold prices see slight dip after record surge

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold fell to Rs313,700 per tola.

Similarly, the price of 10 grams of 24-karat gold decreased by Rs257, settling at Rs268,947, while 22-karat gold dropped by Rs236 to Rs246,543 per 10 grams. 

Meanwhile, silver prices remained stable, with per tola silver holding at Rs3,530 and 10 grams at Rs3,026. 

Web Desk