Islamabad – Prime Minister Shehbaz Sharif has directed the formulation of a comprehensive austerity and savings plan in response to rising global economic pressures fueled by regional tensions following the US-Israeli offensive on Iran.
The prime minister issued these instructions while chairing a high-level review meeting on Pakistan’s economic situation amid growing geopolitical risks. Officials briefed him on the recent global tensions and their potential impact on the country’s economy.
Pakistan has already begun feeling the effects of the conflict, with domestic petrol and diesel prices surging by Rs55 per litre, according to a federal government announcement. The price hike reflects volatility in international oil markets, driven by fears of supply disruptions in the Middle East and threats to energy transit routes such as the Strait of Hormuz.
During the meeting, PM Shehbaz emphasized that the austerity strategy should focus on economic growth, public savings, and simplicity, while ensuring minimal burden on citizens. He directed authorities to present practical and actionable recommendations within 48 hours.
The prime minister also stressed strict monitoring of the petroleum sector, ordering that any petrol pump or company found hoarding fuel or creating artificial shortages be immediately shut down, their license canceled, and legal action initiated.
In addition, he instructed the Finance and Petroleum Ministers to coordinate with provincial governments across all four provinces to devise measures for fuel conservation and uninterrupted supply.
The PM praised the timely actions of the committee already assessing the global economic impact and noted that these steps have so far prevented any shortage of petroleum products in Pakistan.