Prime Minister Shehbaz Sharif rejected on Friday the proposed increase in petrol and diesel prices, stating the government will bear the additional burden of Rs56 billion amid ongoing regional tensions.

Addressing the nation, the prime minister had announced that petrol and diesel prices will remain unchanged, while Rs100 billion have been cut from the development budget. He said a proposal had been put forward to raise petrol prices by Rs95 and diesel by Rs203, but he rejected it in view of the difficulties faced by the public.

The prime minister said the government had taken immediate decisions that were not easy, and Pakistan had prepared in advance to face economic difficulties. He added that even countries with greater economic resources are facing challenges, and the world is currently encountering an extraordinary and difficult situation.

"Field Marshal Asim Munir is playing a key role, while Deputy Prime Minister Ishaq Dar is actively engaged in the efforts."

PM Shehbaz stated he had spoken with the leaders of Iran and Gulf countries, emphasising that people of all faiths desire peace in their hearts.

He stressed that Pakistan’s diplomatic efforts serve the interest of the Muslim Ummah and are also a matter of global responsibility.

"The government is working on preventing increases in international oil prices and is attempting mediation to halt conflicts, fulfilling crucial responsibilities on two fronts," he maintained.