Prime Minister Shehbaz Sharif on Friday rejected a summary proposing a sharp increase in petrol and diesel prices, opting to keep fuel rates unchanged amid rising global oil costs.

Addressing the nation in the backdrop of the ongoing Middle East conflict, the prime minister said the government had received a proposal to raise petrol prices by Rs50 per litre and diesel by Rs74 per litre.

However, he decided not to pass on the burden to the public.

“We will bear this burden ourselves, but we will not place it on the people,” the prime minister said, reaffirming his commitment to shielding the public from the ripple effects of rising global fuel prices. This move comes as global markets witness a surge in petroleum costs, impacting economies worldwide.

He said the government had already spent Rs69 billion from the development budget to subsidise petroleum products and provide relief to consumers.

At the outset of his address, the premier extended Ramazan and Eid greetings, noting that the world was facing an “extraordinary challenge” due to the war, which has driven oil prices to a two-year high.

He said global crude prices had surged sharply as supply chains were disrupted by the ongoing conflict. “It was available for $72 per barrel a few weeks ago, but in just three weeks, the price has breached the historic mark of $158 per barrel,” he said.

He added that values such as selflessness, hard work, and compassion were essential to overcome the crisis.

Two weeks ago, the government raised petrol and diesel prices by Rs55 per litre — around 20% — citing the same global pressures.

The increase in petrol prices exceeded the international trend, as the government aimed to generate additional revenue to subsidise diesel consumption, mainly used in public transport and the agriculture sector.

Despite further increases in global oil prices last week, the prime minister said he chose to honour his commitment to the public by keeping fuel prices unchanged.