Prime Minister Shehbaz Sharif hinting at possible increase in fuel prices has announced that petroleum prices will be revised again this coming Friday.
While briefing the cabinet on the country’s economic and diplomatic situation, PM said global oil prices are currently soaring, creating an unusual and challenging situation for the country adding that petroleum prices will be revised again this coming Friday.
Referring to the economic burden, Shehbaz Sharif said Pakistan’s weekly oil import bill was $300 million before the war, but has now surged to $800 million.
He said despite this pressure, Pakistan has repaid $3.5 billion in external debt. He thanked Saudi Arabia for its support in handling economic challenges and appreciated the efforts of the petroleum minister.
The prime minister added that consultations are underway to continue subsidies for public transport and other sectors. He also said the privatisation process of Pakistan International Airlines was reviewed.
He said difficult phases come in the life of nations, but Pakistan will overcome these challenges with resolve and unity.
He said Pakistan played a key role in peace efforts during recent US-Iran talks held in Islamabad.
He said a 21-hour session on April 11 and 12, along with efforts by the field marshal, the foreign minister and Mohsin Naqvi, helped secure an extension in the ceasefire.
He added that Abbas Araghchi visited Pakistan, Oman and Russia, and will respond after consulting his leadership.
