ISLAMABAD: Escalating tensions in the Gulfparticularly involving Iran have sent global oil prices sharply higher, intensifying concerns over fuel supply and economic stability worldwide.
The spike in energy costs is already driving up transport fares, food prices, and overall living expenses, adding pressure on economies across regions.
Officials says, Pakistan under the leadership of Shehbaz Sharif, has pursued a balanced diplomatic strategy aimed at easing regional tensions and supporting peace efforts.
Unlike several neighboring countries such as India, Sri Lanka, and Bangladesh where fuel shortages, rationing, and long queues have been reported Pakistan’s fuel supply remains relatively stable.
Authorities say petroleum products continue to be available nationwide, with efforts made to cushion the public from the full impact of rising global prices.
To ease the burden, the government has absorbed approximately Rs129 billion to offset the difference between international and local fuel prices, while around Rs100 billion has been diverted from development spending to support relief measures.
At the same time, austerity steps have been introduced, including cuts in government expenditures, reductions in lawmakers’ salaries, curbs on official travel and events, and promotion of energy-saving practices such as remote work and reduced fuel consumption.
However, officials warn that these measures are not sustainable in the long run, as Pakistan depends heavily on imported oil purchased in foreign currency.
Economists caution that continued high oil prices could strain foreign exchange reserves, fuel inflation, and increase economic pressure.
Citizens have been urged to adopt responsible practices, including limiting unnecessary travel, carpooling, and conserving fuel and electricity.
Authorities stressed that collective effort and discipline will be key to navigating the ongoing crisis and safeguarding the country’s economic stability.
