Prime Minister Shehbaz Sharif said on Wednesday that Pakistan’s weekly oil import bill has surged to $800 million as global fuel prices spike following the war in the Middle East, sharply increasing pressure on the country’s economy.
Speaking during a federal cabinet meeting, the prime minister said the country’s oil bill was around $300 million per week before the war, but has now climbed significantly as international prices rise.
Despite the sharp increase in costs, Shehbaz said the immediate fuel supply situation has improved and described it as satisfactory. He credited Petroleum Minister Ali Pervaiz Malik for managing the crisis and ensuring stability in supply during a period of global uncertainty.
The prime minister added that domestic fuel consumption has declined in recent weeks, which has helped ease some pressure. He said the government is closely monitoring the situation and is in consultation with provincial authorities to expand fuel subsidies to provide relief to consumers.
Reflecting on the broader economic impact, Shehbaz said Pakistan had been stabilizing its macroeconomic position before the war, but the war has disrupted progress made over the past two years.
He maintained that the country has met its debt obligations and that foreign reserves remain stable, while also acknowledging support from Saudi Arabia.
Shehbaz also mentioned recent engagements with Iranian leadership, including talks with Foreign Minister Abbas Araghchi, who assured Pakistan of continued consultations.
