Prime Minister Shehbaz Sharif on Wednesday revealed that Pakistan’s weekly oil import expenditure has climbed to nearly $800 million, reflecting the sharp rise in international energy prices triggered by escalating tensions in the Middle East.
Addressing a federal cabinet meeting, the prime minister said Pakistan had previously been spending roughly $300 million per week on oil imports before the regional conflict intensified. However, continued volatility in global energy markets over the past two months has significantly inflated the country’s fuel import costs.
He noted that international oil prices surged after joint military strikes by the United States and Israel on Iran, disrupting global supply expectations and driving uncertainty across energy markets.
Despite the sharp increase in import expenses, Shehbaz said the country’s immediate fuel availability remains stable. He described the supply situation as satisfactory and credited Petroleum Minister Ali Pervaiz Malik for maintaining smooth fuel distribution during a period of global disruption.
The prime minister added that a recent slowdown in domestic fuel consumption has provided limited relief by easing pressure on imports. According to him, the government is continuously reviewing market conditions and coordinating with provincial administrations to expand targeted fuel subsidies aimed at protecting consumers from rising prices.
Discussing the broader economic outlook, Shehbaz said Pakistan had made notable progress in stabilizing key macroeconomic indicators over the past two years, but acknowledged that the ongoing Middle East crisis has created fresh economic challenges. He maintained that Pakistan continues to meet its external debt commitments and that foreign exchange reserves remain steady, while also recognizing financial support extended by Saudi Arabia.
On the diplomatic front, the prime minister briefed cabinet members on Pakistan’s regional engagement efforts during the crisis. He highlighted the role played by Chief of Army Staff General Asim Munir and Deputy Prime Minister Ishaq Dar in advocating de-escalation and regional stability.
Shehbaz also referenced the extension of a ceasefire announced on April 21 by US President Donald Trump, describing it as a positive step toward reducing tensions. He further shared details of recent discussions with Iranian officials, including Foreign Minister Abbas Araghchi, who assured Pakistan of continued coordination during the evolving situation.
The prime minister additionally appreciated Interior Minister Mohsin Naqvi for his participation in high-level consultations linked to the ongoing regional developments.
