Prime Minister Shehbaz Sharif announced today that the prices of petroleum products will remain unchanged for the next two weeks, starting March 16, 2025.
The decision comes despite a recent decline in global oil prices, which had led to widespread anticipation of a reduction in domestic fuel costs.
In a video statement, Prime Minister Sharif emphasized that the financial benefits from maintaining current fuel prices would be redirected to provide relief to the public through reduced electricity tariffs. He stated that a comprehensive plan is being finalized to lower electricity rates, with details to be announced in the coming weeks. “We are preparing a package to cut electricity prices, and it will be revealed in the next few weeks,” he said.
Prior to this announcement, industry sources had speculated that petrol prices might decrease by up to Rs14 per liter and high-speed diesel (HSD) by Rs8 per liter, reflecting trends in the international oil market.
However, the government has opted to keep fuel prices steady for now.
Concurrently, the government has secured approval from the International Monetary Fund (IMF) for a proposal to reduce electricity tariffs by up to Rs2 per unit, effective from April or May. This initiative aims to alleviate the financial burden on consumers and stimulate economic activity.
Additionally, the National Electric Power Regulatory Authority (NEPRA) has issued notifications confirming a reduction in electricity prices under the monthly fuel cost adjustment mechanism. The tariff has been lowered by Rs3 per unit for Karachi and by Rs2.12 per unit for the rest of the country, with consumers expected to see this relief reflected in their March electricity bills.
These measures underscore the government’s commitment to prioritizing public welfare by addressing energy costs, which constitute a significant portion of household and industrial expenses.
