Key Points
- Committee asked to present practical recommendations within 48 hours
- Warning issued against petrol hoarding and artificial shortages
LAHORE: Pakistan Prime Minister Shehbaz Sharif on Saturday directed authorities to prepare a comprehensive austerity-based economic plan to safeguard the country from global economic pressures arising from ongoing regional tensions.
Chairing a high-level review meeting on the national economy, the prime minister instructed the relevant committee to formulate a strategy focused on economic stability, simplicity and savings while ensuring that the burden on the public remains minimal, an official statement said.
Officials briefed the meeting on the global situation and its potential economic impact on the region. The prime minister directed the committee to present practical and workable recommendations within 48 hours, emphasising that public relief must remain a top priority.
PM @CMShehbaz has directed formulation of a strategy emphasizing austerity and savings in view of current global economic pressures caused by tensions in region@PakPMO #RadioPakistan #news https://t.co/VbOHHXV4vZ pic.twitter.com/SxmeWFq8d5
— Radio Pakistan (@RadioPakistan) March 7, 2026
Participants were informed that a committee had already been formed to assess the economic implications of the prevailing tensions and propose policy measures. Due to timely planning, the country has not faced any shortage of petroleum products despite market uncertainties.
The meeting was also told that the recent adjustment in petroleum prices was made on the committee’s recommendation while keeping the transfer of the global price increase to consumers at the lowest possible level.
The prime minister further instructed authorities to take strict action against any petrol pump or company found creating artificial shortages or hoarding fuel, warning that such outlets would be shut down, their licenses cancelled and legal proceedings initiated.
He also directed the ministers for finance and petroleum to visit all four provinces and coordinate with provincial governments to devise a strategy for conserving petroleum products and ensuring uninterrupted supply to the public.
The federal government on Friday announced a significant increase in fuel prices, raising the cost of both petrol and high-speed diesel by Rs55 per litre, citing soaring global oil prices triggered by escalating tensions in the Middle East.
According to the revised rates, the price of petrol has increased from Rs266.17 to Rs321.17 per litre, while high-speed diesel has climbed from Rs280.86 to Rs335.86 per litre.
The adjustment comes amid growing concerns over energy supply routes after the strategic Strait of Hormuz faced disruptions due to the ongoing regional conflict, affecting a major share of global oil shipments.
