Pakistan’s weekly oil bill risen to $800m amid Middle East war: PM

ISLAMABAD: Prime Minister Shehbaz Sharif said on Wednesday that Pakistan’s weekly oil import bill has climbed to $800 million amid the ongoing war in the Middle East, while noting that the country’s fuel situation had improved.

Addressing a meeting of the federal cabinet, the prime minister praised Petroleum Minister Ali Pervaiz Malik for his role in dealing with the fuel crisis linked to the Iran war. He said the situation now appeared satisfactory.

The premier said international fuel prices had surged sharply in recent weeks following joint strikes by the United States and Israel on Iran. Referring to the impact on Pakistan, he stated that ‘our weekly pre-war oil bill was around $300m, and today it is up to $800m’.

He also said the country’s fuel consumption ‘had lessened compared to previous weeks,’ adding that the situation was under regular review.

Economic impact highlighted in cabinet meeting

Prime Minister Shehbaz said Pakistan had been performing well on the macroeconomic front before the conflict began, but added that the war had affected those gains.

He told the cabinet that before the outbreak of the conflict, the country was moving in a positive direction economically. However, he said, ‘with the war, our efforts of two years witnessed a setback’.

The remarks came as the government continues to assess the fallout of rising global energy prices on the domestic economy. The prime minister’s comments linked the increase in Pakistan’s oil bill directly to the broader regional conflict and the resulting jump in international fuel prices.

Fuel situation described as satisfactory

During the meeting, the prime minister specifically commended Petroleum Minister Ali Pervaiz Malik for handling the fuel supply situation during the crisis. According to the prime minister, the immediate fuel situation had improved and was now satisfactory.

He also indicated that lower fuel consumption in recent weeks had provided some relief, though he stressed that the government was continuing to monitor developments closely.

The prime minister’s statement underscored the pressure that the Middle East conflict has placed on Pakistan’s import costs, particularly in the energy sector, as global fuel prices remain elevated.