ISLAMABAD: Prime Minister Shehbaz Sharif said on Wednesday that Pakistan’s weekly oil import bill has surged to $800 million due to rising global fuel prices triggered by the ongoing conflict in the Middle East.
Chairing a federal cabinet meeting, the prime minister noted that international oil prices had sharply increased following US and Israeli strikes on Iran over the past two months, significantly impacting Pakistan’s import costs. He highlighted that before the escalation in conflict, Pakistan’s weekly oil bill stood at around $300 million. “Our weekly pre-war oil bill was about $300 million, and today it has reached $800 million,” he said, adding that fuel consumption in the country had slightly declined in recent weeks.
Despite external pressures, the prime minister said the overall situation was being closely monitored and described current fuel management efforts as “satisfactory.” He praised Petroleum Minister Ali Pervaiz Malik for handling the challenges arising from the global fuel crisis.
PM Shehbaz further stated that Pakistan’s broader macroeconomic indicators had shown improvement before the conflict, but the war had “set back” the progress achieved over the past two years. He, however, noted that the country had managed to repay loans and maintain federal reserves. He also expressed gratitude to Saudi Arabia’s leadership for continued support and said consultations were underway with provincial governments regarding possible fuel subsidies.
On diplomatic efforts related to the conflict, the prime minister said Pakistan had actively engaged in dialogue with international partners, including early talks in Islamabad on April 11. He praised the roles of Chief of Defence Forces Field Marshal Asim Munir, Foreign Minister Ishaq Dar, and other officials in efforts to promote regional stability.
He added that a ceasefire extension was announced on April 21 by US President Donald Trump following sustained diplomatic engagement. PM Shehbaz also referenced recent visits by Iranian Foreign Minister Abbas Araghchi, noting ongoing communication and consultations between Tehran and Islamabad.
