Prime Minister Shehbaz Sharif has said that Pakistan is facing a sharp rise in its oil import costs due to increasing global fuel prices.
He explained that the country’s weekly oil bill has climbed to around $800 million, compared to about $300 million before the recent tensions in the Middle East.
According to the prime minister, the increase is mainly linked to supply disruptions and uncertainty in the Strait of Hormuz, which is a key route for global oil shipments.
These developments have pushed prices higher in international markets, directly affecting countries that rely on imported fuel.
He said that despite the rise in costs, there has been a slight reduction in fuel consumption within the country. Authorities are closely observing the situation and considering different options, including possible subsidies, to manage the impact on the public.
The prime minister also mentioned that Pakistan is actively engaging in diplomatic efforts to handle the situation and maintain stability.
He highlighted the continued financial support from friendly countries such as Saudi Arabia and United Arab Emirates, which is helping the country manage economic pressures.
While acknowledging that higher oil prices are putting stress on the economy, he stated that foreign exchange reserves remain stable for now. However, he noted that the situation requires careful planning and ongoing monitoring.
