PM Shehbaz Sharif Warns of Rising Oil Prices, Announces Review of Fuel Rates on Friday
Islamabad: Prime Minister Shehbaz Sharif has said that global oil prices are “skyrocketing” and announced that petroleum prices in Pakistan will be reviewed again on Friday amid a highly challenging economic situation.
Addressing a federal cabinet meeting, the prime minister stated that Pakistan has been making continuous efforts to promote peace and ceasefire in the Middle East, but ongoing conflicts have negatively impacted the country’s economic progress.
He noted that the surge in global oil prices has significantly increased Pakistan’s import bill, revealing that the weekly petroleum cost has risen from $300 million to nearly $800 million. “Problems are standing before us like mountains, but we will overcome this difficult time,” he said.
The prime minister highlighted that a government task force is reviewing the situation on a daily basis, while austerity measures and efforts to reduce fuel consumption are being implemented to manage the الأزمة.
Shehbaz Sharif also praised the petroleum minister for maintaining relative stability in the domestic market compared to other regional countries, noting that there were no fuel shortages or long queues.
Discussing diplomatic efforts, he said Pakistan facilitated dialogue between the United States and Iran, leading to extended ceasefire efforts. He acknowledged the role of key officials, including Chief of Army Staff Field Marshal Syed Asim Munir and Foreign Minister Ishaq Dar, in these developments.
The prime minister further stated that Pakistan has repaid $3.5 billion in external debt with the support of Saudi Arabia, expressing gratitude to King Salman and Crown Prince Mohammed bin Salman for their assistance.
He reaffirmed that despite economic challenges, the government remains committed to providing public relief, maintaining subsidies, and ensuring support for public transport users and motorcyclists.
براہِ راست وزیراعظم محمد شہباز شریف کی کابینہ اجلاس سے ابتدائی گفتگو https://t.co/ztmDUjcr9y
— Government of Pakistan (@GovtofPakistan) April 29, 2026
