LAHORE: President of the Lahore Chamber of Commerce and Industry Faheem Ur Rehman Saigol has appreciated Prime Minister Muhammad Shehbaz Sharif for deciding not to increase the prices of petrol and high-speed diesel despite extraordinary global pressure and rising international oil prices, stating that the decision has provided significant relief to both the business community and the general public.
In a statement issued on Saturday, the LCCI President said that the world is currently facing an unprecedented fuel crisis due to ongoing geopolitical tensions and instability in the Middle East, which has severely impacted global energy markets. He noted that many countries are witnessing fuel shortages, sharp price hikes, and economic uncertainty, making Pakistan’s decision to shield its citizens from immediate price escalation both timely and commendable.
Faheem Ur Rehman Saigol said that the Prime Minister’s rejection of recommendations to increase petrol prices by Rs 95 per litre and high-speed diesel by Rs 203 per litre demonstrates the government’s commitment to protecting citizens and sustaining economic activity during difficult times. He added that fuel prices directly influence industrial production costs, transportation expenses, agricultural operations, and overall inflation; therefore, maintaining price stability will help prevent an additional surge in the cost of living.
He emphasized that the business community has consistently highlighted the importance of predictable energy costs for economic stability and industrial continuity. According to him, the government’s decision to absorb a substantial financial burden in order to provide relief reflects a people-centric economic approach and will help restore business confidence at a time when markets remain volatile.
The LCCI President said that austerity measures adopted by the government, including reductions in development expenditures and fiscal adjustments, indicate serious efforts to manage economic challenges responsibly. He remarked that if international fuel price increases had been fully passed on to consumers, the country could have faced a new wave of inflation affecting industries, trade, and households alike.
Faheem Ur Rehman Saigol also welcomed the government’s decision to introduce a mobile application-based targeted subsidy system for two- and three-wheelers, describing it as a progressive step toward ensuring that relief reaches low-income segments while minimizing leakages of public funds. He said the use of technology for targeted subsidies would enhance transparency and efficiency in public resource management.
He further stated that in the prevailing global economic environment, both the government and citizens must demonstrate collective responsibility. Promoting energy conservation, avoiding unnecessary fuel consumption, and adopting austerity at the national level would help the country navigate ongoing economic challenges more effectively.
Copyright media, 2026
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