Islamabad, April 29, 2026 — Pakistan is set to determine new petroleum prices on Friday, May 1, as Prime Minister Shehbaz Sharif expressed concern over the recent surge in global crude oil prices and its impact on the national economy.
Addressing the federal cabinet, Shehbaz Sharif described the situation as challenging but voiced confidence that coordinated efforts would help manage the pressure.
Rising Oil Import Bill Raises Concerns
The prime minister revealed that Pakistan’s oil import bill has surged significantly—from $300 million before the recent conflict to $800 million—placing additional strain on the country’s external account.
He also noted a slight reduction in petroleum consumption during the current week compared to the previous one, indicating a possible demand adjustment amid rising prices.
Government Ensures Fuel Supply Stability
Praising the efforts of Ali Pervaiz Malik and his team, the prime minister said Pakistan successfully maintained stability in domestic fuel supply, avoiding panic buying at petrol pumps unlike some other countries.
Economic Gains Face New Challenges
While acknowledging improvements in macroeconomic indicators over the past two years, the prime minister said the recent geopolitical conflict has partially reversed progress toward economic stabilization.
He emphasized that the government remains committed to maintaining economic stability despite external shocks.
Pakistan’s Diplomatic Role Highlighted
The prime minister also highlighted Pakistan’s proactive diplomatic efforts in easing regional tensions. He noted that marathon talks between Iran and the United States held in Islamabad on April 11 lasted 21 hours and marked a significant breakthrough.
Key contributions were made by Syed Asim Munir, Ishaq Dar, and other senior officials, while Mohsin Naqvi also played an important role.
The visit of Abbas Araghchi to Pakistan further strengthened diplomatic engagement, with multiple rounds of talks held during his trip.
External Support and Reserves
The prime minister informed the cabinet that Pakistan has repaid $3.5 billion in loans and maintained its foreign exchange reserves with support from Mohammed bin Salman.
Outlook
With global oil prices remaining volatile, the upcoming petroleum price revision is expected to be crucial for inflation and economic stability in Pakistan.