Pak reels under oil shock, weekly crude bill jumps to Rs 7600 crore amid Iran war

Pakistan's weekly oil import bill has climbed from $300 million to nearly $800 million as the West Asia conflict pushes up global crude prices. The government says it has started conservation and austerity steps while reviewing fuel prices every week.

In Short

• Weekly oil import bill jumps from $300m to $800m
• Government avoids rationing, keeps supply stable
• Task force formed to monitor and manage crisis

Pakistan is facing a sharp energy cost shock as the ongoing West Asia conflict drives global oil prices higher, significantly increasing its import burden.

Prime Minister Shehbaz Sharif revealed that Pakistan’s weekly oil import bill has surged from $300 million before the conflict to nearly $800 million, marking a steep 167% increase. Speaking at a federal cabinet meeting, Sharif said the spike is directly linked to rising global fuel prices triggered by the Iran conflict.

Despite the surge in costs, Sharif said that fuel consumption has slightly declined in recent weeks, indicating demand-side adjustments. The government is closely monitoring the situation, as sustained high prices could put further pressure on Pakistan’s fragile economy.

“Crude oil prices are once again soaring, and as Friday approaches, we will have to determine new prices again. Given the current situation in global markets, this is a very challenging scenario,” Sharif said.

He added that through “collective wisdom and joint efforts,” the government has managed the situation as effectively as possible. Sharif also praised Petroleum Minister Ali Pervaiz Malik, his secretary, and the entire team for their coordinated efforts.

“As a result, unlike in some other countries, there have been no long queues or rationing here, and the situation remains relatively stable and satisfactory,” he said.

Highlighting the scale of the crisis, Sharif said, “Before the war, our weekly bill was around $300 million, but now it has risen to $800 million.”

To manage the impact, the government has initiated conservation efforts, formed a task force, and implemented austerity measures. Sharif said the task force is monitoring the situation daily and working around the clock, even as fuel prices continue to be reviewed on a weekly basis.

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