Shehbaz Sharif has highlighted a major increase in Pakistan’s oil import expenses, as global fuel prices continue to rise due to tensions in the Middle East.
He shared that the country’s weekly oil bill has reached nearly $800 million, compared to around $300 million before the crisis began.
The surge is mainly linked to disruptions in key oil supply routes, especially around the Strait of Hormuz, which is one of the world’s most important transit points.
Any instability in this region directly affects global oil prices, putting additional pressure on countries like Pakistan that rely heavily on imports.
During a federal cabinet meeting, the prime minister explained that while fuel consumption in the country has slightly decreased, the financial burden remains high.
The government is closely monitoring the situation and is considering possible relief measures, including subsidies, to reduce the impact on citizens.
Despite the rising costs, he assured that Pakistan’s foreign exchange reserves are stable for now.
He also emphasized that the government is actively engaging in diplomatic efforts to promote peace in the region, as stability is key to controlling fuel prices.
Economic experts believe that if the situation continues, it could affect inflation and daily living costs.
However, officials remain hopeful that global conditions will improve, easing pressure on Pakistan’s economy in the coming weeks.