News Desk
ISLAMABAD: Shehbaz Sharif on Monday announced a series of austerity measures to manage the economic impact of the ongoing Middle East conflict, which has pushed global oil prices above $100 per barrel and created new challenges for Pakistan’s economy.
In a televised address to the nation, the prime minister said the regional war had increased instability across energy markets, directly affecting oil-importing countries such as Pakistan. He stressed that the government was taking necessary steps to protect the national economy while minimizing the financial burden on the public.
Fuel Conservation Measures Introduced
To reduce fuel consumption, the government decided to cut fuel allowances for official vehicles by 50 percent for the next two months. Additionally, 60 percent of government vehicles will remain off the roads during the same period as part of the austerity strategy.
However, emergency services such as ambulances will remain exempt from these restrictions.
Oil Prices Create Economic Pressure
The prime minister noted that Pakistan relies heavily on oil and gas imports from Gulf countries. Due to the ongoing regional conflict and disruptions in supply routes, the global oil market has become volatile.
He said the government had recently taken “difficult decisions,” including adjustments in petroleum prices, to cope with rising international oil costs and maintain economic stability.
Government Assures Public of Economic Stability
Shehbaz Sharif assured citizens that Pakistan’s economic indicators have shown improvement in recent months, including lower inflation, a relatively stable rupee, and reduced electricity tariffs.
Despite these improvements, he warned that oil prices may continue rising if tensions escalate in the region. The government, he said, will continue working day and night to protect the economy and reduce the impact on the public.
Regional Security and Diplomatic Efforts
The premier also addressed the broader regional situation, saying Pakistan is closely monitoring developments in the Middle East and pursuing diplomatic efforts to ease tensions.
He added that Pakistan’s armed forces remain alert to deal with security challenges along the western borders while ensuring national stability.
