Prime Minister Shehbaz Sharif decided on Saturday to keep the prices of petroleum products at their current levels for the next fortnight, starting from March 16 (Sunday).

In a video statement, the premier stated that the full financial benefit of this decision would be transferred to the people through reductions in electricity prices.

"We have decided to maintain the petroleum prices at the previous level, and the entire financial benefit will be passed on to the public through a reduction in electricity rates," he maintained.

"A comprehensive package for reducing electricity rates was being finalised and would be announced in the coming weeks. We are preparing a package to reduce electricity prices, and it will be unveiled in the next few weeks," he added.

"From the very first day in office, I made a pledge to prioritise public relief, and we are fulfilling that promise," he added.

PM Shehbaz said: "I will personally inform the nation about the relief measures in the near future."

Subsequently, the government had issued a notification to maintain the prices of petroleum products for the next 15 days.

The prices of petrol, high-speed diesel, kerosene, and light diesel remained unchanged.

The decision was made on the recommendation of the Oil and Gas Regulatory Authority (Ogra).

According to the notification, petrol would continue to be priced at Rs255.63 per litre, while high-speed diesel would remain available at Rs258.64 per litre.

Kerosene would stay at Rs168.12 per litre, and light diesel would continue to be priced at Rs153.34 per litre for the next 15 days.

However, the government had increased the petroleum levy by Rs10 per litre.

The petroleum levy had now reached Rs70 per litre.

“The decision of increasing the levy was taken to ensure seek the tranche from the International Monetary Fund (IMF),” said CEO of Topline Securities Mohammed Sohail.