Prime Minister Shehbaz Sharif stated that the ongoing US-Iran conflict has severely impacted the country’s economy and hampered his government’s two-year efforts to stabilize it.
At a federal cabinet meeting on Wednesday, he revealed that the nation’s weekly oil import bill had increased from $300 million before the conflict to $800 million, adding more strain to the economy.
The prime minister also noted that international oil prices have surged during the regional conflict, posing significant challenges to the economy. He emphasized the need for resilience and focus in handling the current situation.
Referring to stalled US-Iran peace talks, Sharif said Pakistan was making extensive efforts to help end the conflict and restore peace in the region.
He highlighted that an extension of the ceasefire had been achieved due to Pakistan’s efforts. Sharif also mentioned that new proposals from Pakistan aimed at supporting peace were sent to Iran, with Iranian Foreign Minister Abbas Araghchi indicating a response after consultations.
The prime minister expressed hope for soon ending the conflict but warned it had undermined economic stabilization efforts over the past two years.
On fuel prices, he announced new domestic rates would be released on Friday in line with global market trends. Sharif praised the Petroleum Ministry and its team for maintaining stable fuel supply despite global volatility, noting a decline in consumption as a positive development.
He urged the public to conserve fuel, pointing out reduced consumption over recent weeks as a positive sign. The prime minister also instructed provincial governments to begin consultations on providing subsidies in agriculture, public transport, and other key sectors to protect citizens from rising inflation.