Oil Prices Skyrocketing, New Rates to Be Determined on Friday: Prime Minister Shehbaz Sharif

Islamabad: Prime Minister Shehbaz Sharif has said that global oil prices are “touching the skies” and the government will reassess petroleum prices on Friday amid growing economic pressure.
Speaking at a federal cabinet meeting, the prime minister said Pakistan had been actively engaged in diplomatic efforts for peace and ceasefire in the Middle East, which are still ongoing. He noted that recent conflicts have slowed down the country’s economic progress.
He highlighted that petroleum prices have surged significantly, creating serious economic challenges. However, he expressed confidence that the country would overcome difficulties through collective efforts and prudent management.
The prime minister praised Saudi Arabia’s support, stating that Pakistan had successfully repaid $3.5 billion in external debt with assistance from the Kingdom. He expressed gratitude to King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman for their support.
He further said that Pakistan’s economic indicators had shown improvement at the macro level before being impacted by regional conflicts, which disrupted the country’s growth trajectory.
According to the prime minister, daily petroleum import costs have risen sharply from $300 million per week before the conflict to nearly $800 million now. He added that the government has formed a task force to monitor the situation and implement austerity measures to reduce consumption.
He also praised the performance of the Petroleum Ministry and said that despite global pressure, Pakistan has avoided fuel shortages and long queues, unlike other countries in the region.
The prime minister stressed that privatization of Pakistan International Airlines (PIA) would reduce the burden on the national exchequer and reiterated that subsidy programs for public transport and motorcyclists would continue.
He assured the cabinet that the government remains committed to providing relief to citizens and maintaining fiscal discipline while navigating challenging economic conditions.