Oil Prices Surge Globally; Pakistan to Revise petroleum prices on Friday: PM Shehbaz Sharif

Prime Minister Shehbaz Sharif says Pakistan will revise on Friday as global oil rates surge, pushing the country’s import bill to $800 million weekly.

Islamabad: Prime Minister Shehbaz Sharif on Wednesday announced that petroleum product prices in Pakistan will be revised on Friday as global oil prices continue to rise sharply, creating serious economic challenges.

Speaking at a federal cabinet meeting, the prime minister said that the country is facing a highly challenging situation due to increasing global fuel prices. He revealed that Pakistan’s weekly petroleum import bill has surged from around $300 million to nearly $800 million.

Middle East Tensions Impact Economy

Sharif highlighted that ongoing tensions in the Middle East have slowed Pakistan’s economic progress. He noted that the government has been actively engaged in diplomatic efforts to promote peace in the region.

Pakistan’s Diplomatic Role

The prime minister shared that Pakistan facilitated dialogue between the United States and Iran, including a marathon 21-hour session that began on April 11. He appreciated the efforts of Deputy Prime Minister and Foreign Minister Ishaq Dar, as well as military leadership, in supporting these initiatives.

He also mentioned that Iranian Foreign Minister Abbas Araghchi visited Pakistan and held detailed discussions aimed at easing regional tensions.

Despite the crisis, the prime minister said Pakistan has managed to maintain a stable fuel supply, with no major shortages or long queues reported across the country.

He added that the government is continuing austerity measures and has formed a task force that reviews the situation on a daily basis to ensure timely decisions.