Govt holds fuel prices ahead of Eid, warns of further global oil rise: Ministers

Pakistan’s government on Saturday said it had absorbed a steep increase in petroleum prices for the current pricing cycle to keep petrol and diesel rates unchanged ahead of Eid, while warning that global oil prices could rise further in the coming days due to regional tensions.

Information Minister Attaullah Tarar and Petroleum Minister Ali Pervaiz Malik, in a joint press conference, said Prime Minister Shehbaz Sharif had decided not to pass on the latest increase in international oil prices to consumers, citing the need to protect the public during the Eid holidays.

"The government prevented an increase of Rs150 per litre in petrol and Rs250 per litre in diesel for the current fortnight, despite fuel prices being linked to international market movements."

Malik said the region was currently facing heightened tensions, which had added pressure to international energy markets, and that the government had adopted austerity measures to create fiscal space for temporary relief.

“The prime minister brought his entire team together and enforced austerity, including cuts in the privileges and benefits of members of his team,” Malik said, adding that the savings helped the government hold back an increase in domestic fuel prices this week.

He said the government had effectively blocked an increase in petrol and diesel prices through cost-cutting measures, allowing rates to remain unchanged in view of Eid celebrations.

Tarar said petroleum prices in Pakistan were determined in line with global oil trends, but stressed that both the government and the public would need to play a stronger role in reducing energy consumption.

“Global oil prices may rise further in the coming days, and we must collectively work out a future course of action focused on conservation,” Tarar said.

He said the government would also consult provincial administrations to build a coordinated and effective mechanism for energy-saving measures, adding that national unity and responsible consumption would be critical in managing the crisis.

The ministers said the government remained committed to supporting vulnerable segments of society, but warned that sustained relief would depend on broader austerity, public cooperation, and effective energy conservation.