Saifullah Ansar
ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday said that the country’s weekly oil bill has reached $800 million amid the war in the Middle East.
Global fuel prices have skyrocketed over the past two months in the wake of the US and Israel launching joint strikes on Iran.
Addressing a meeting of the federal cabinet today, the premier commended the efforts of Petroleum Minister Ali Pervaiz Malik for tackling the fuel crisis resulting from the Iran war, stating that the situation now appeared “satisfactory”.
On that note, the prime minister remarked that fuel prices in the global markets had skyrocketed, “our weekly pre-war oil bill was around $300m, and today it is up to $800m”.
He further shared that the country’s fuel consumption “had lessened compared to previous weeks,” stressing that the situation was being monitored regularly.
PM Shehbaz further stated that before the war broke out, Pakistan was doing well on the macroeconomic front; however, “with the war, our efforts of two years witnessed a setback”.
On the matter of economic growth, the premier further stated that Pakistan has “paid its loans and federal reserves retain their levels,” and expressed gratitude to Saudi Arabia’s leadership.
“Consultations are also being held with provinces to extend fuel subsidies,” he told the cabinet.
In his address, the prime minister also apprised the cabinet of Pakistan’s diplomatic outreach in the US-Iran war and recalled the first round of Islamabad talks held on April 11.
“Many diplomatic efforts were made,” he added, lauding the roles of Chief of Defence Forces and Chief of Army Staff Field Marshal Asim Munir, as well as Deputy Prime Minister and Foreign Minister Ishaq Dar, saying the two “tried their best to restore peace in the region”.
“Following this, a ceasefire extension was announced,” the premier said, recalling the April 21 ceasefire announcement by US President Donald Trump.
He then also recalled Iranian Foreign Minister Abbas Araghchi’s recent trips to Pakistan, stating that before Araghchi went back to Iran, “he assured me (on phone) that I would give you an answer after holding consultations with the Iranian leadership”.
The premier also appreciated Interior Minister Mohsin Naqvi for his participation in the meetings.
