PM Shehbaz flags economic risks as oil prices jump to $114

Prime Minister Shehbaz Sharif has said that tensions in the Middle East have significantly undermined Pakistan’s economic gains over the last two years. Speaking at a federal cabinet meeting on Wednesday, he noted that the crisis has caused a steep rise in global oil prices, creating an unusual situation in international markets. PM stated that Brent crude has climbed to $114.64 per barrel. The PM revealed that Pakistan’s weekly oil import cost has surged from around $300 million before the conflict to nearly $800 million. He warned that this sharp rise is putting pressure on ongoing efforts to stabilise the economy. "ہمارے جو واجب الادا بیرونی قرضے (تقریباً ساڑھے تین ارب ڈالر کے بائی لیٹرل قرضے) تھے، وہ الحمدللہ ادا کر دیے گئے ہیں۔ ہمارے زرِمبادلہ کے ذخائر بھی اپنی سطح پر مستحکم ہیں اور ہم نے اپنے قرضوں کی ادائیگی بھی کر دی ہے۔ ہم سعودیہ کے بادشاہ سلمان بن عبدالعزیز اور کراؤن پرنس محمد بن… pic.twitter.com/9NN5BGVKhE — Government of Pakistan (@GovtofPakistan) April 29, 2026 He added that a dedicated task force is closely monitoring developments daily, while discussions with provincial governments are ongoing to maintain subsidies for public transport and other key sectors. Calling for unity, PM Shehbaz stressed the need for collective action and continuous efforts to deal with the challenges posed by the situation. Highlighting economic progress, he said Pakistan has repaid $3.5 billion in external debt and acknowledged the support of Saudi Arabia in helping the country navigate financial difficulties. On the diplomatic front, the PM said Pakistan has actively worked to promote peace in the region. He shared that the US-Iran negotiations were held in Islamabad on April 11 and continued for 21 hours, adding that a ceasefire between the two sides is currently in place. He further stated that Iran’s Foreign Minister Abbas Araghchi visited Pakistan for the second round of talks, where key meetings were held. He also mentioned speaking with the Iranian foreign mini