According to an official statement made by the Prime Minister’s office on Monday, Prime Minister Imran Khan disapproved the planned increase in petroleum product prices to relieve people of the additional burden.
The summary to raise the price of petrol by Rs 11 per litre and the price of diesel by Rs 14 per litre was rejected by the premier, according to the release.
It went on to say that PM Imran had seen that oil prices had been growing globally, but that the government will make every effort to protect the people from the rising costs.
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It went on to say that the government would absorb the cost increases in order to keep the public at peace.
Shahbaz Gill, the Prime Minister’s Special Assistant, acknowledged the news on Twitter, adding that the PM “had deferred the summary to save the people from the burden.”
According to the PM’s adviser, “prices will not be hiked for the time being.”
Following variations in global crude oil prices, it was announced two days ago that consumers could face another significant hike in petroleum product costs, with rates potentially rising by up to 10% on February 1, 2022.
On Wednesday, oil hit a seven-year high of $90 a barrel in the worldwide market, due to tight crude supplies and geopolitical tensions in Europe and the Middle East.
According to the report, customers in Pakistan could see a price hike of Rs 10.72 per litre, or 9.49 percent, in high-speed diesel.
This fuel is commonly utilized in the transportation and agriculture industries. Because of the potential of inflation, any change in its price will be felt by everyone.