Prime Minister Muhammad Shehbaz Sharif on Saturday directed the preparation of a comprehensive plan based on austerity and savings in view of the existing global economic pressures caused by tensions in the neighbouring region.
He issued these directions while chairing a review meeting on the country’s economic situation in the current global context. During the meeting, participants were briefed on the recent global tensions and their economic impact on the region.
The prime minister instructed authorities to formulate a strategy focused on economic growth, simplicity and savings. He directed the committee concerned to present practical and workable recommendations within the next 48 hours.
Shehbaz Sharif emphasized that the proposed strategy should ensure that the burden on the public remains minimal while public relief is given top priority. He was also briefed by the committee actively working on the matter.
The meeting was informed that the prime minister had already constituted a committee last week to assess the global economic impacts of the ongoing tensions and to devise an appropriate strategy. Due to these timely measures, the country did not face any shortage of petroleum products.
Officials further briefed the meeting that the recent increase in petroleum prices was made on the recommendation of the committee while ensuring that the minimum possible burden of the global price hike was transferred to consumers.
The prime minister directed the committee to work more actively and present easy and practical recommendations for the public at the earliest.
He also issued clear instructions that any petrol pump or company found involved in creating artificial shortages or hoarding should be immediately shut down, its license cancelled and legal action taken against it.
The prime minister further directed the Minister for Finance and the Minister for Petroleum to visit all four provinces and, in coordination with the provincial governments, prepare a strategy to ensure conservation of petroleum products and their uninterrupted supply to the public.
Separately, Prime Minister Shehbaz Sharif held an important meeting with Pakistan Muslim League-N President Nawaz Sharif at Jati Umrah to discuss the country’s political and economic situation.
Deputy Prime Minister Ishaq Dar and Punjab Chief Minister Maryam Nawaz also attended the meeting, where participants held detailed discussions on the impact of rising global tensions on Pakistan’s economy and energy sector.
During the meeting, Shehbaz Sharif briefed Nawaz Sharif on the current petroleum situation in the country, stating that fuel supplies remain under control despite pressure from global market conditions.
He informed that the government has taken steps to ensure uninterrupted petroleum supply and maintain stability in the domestic market. The prime minister said the government had adopted a policy aimed at passing on the minimum possible burden of rising oil prices to the public, although recent increases were unavoidable.
Shehbaz Sharif also said the government is working on a comprehensive strategy to ensure continuous supply of petroleum products and is in contact with Gulf countries, including Iran and Saudi Arabia, for oil imports.
He expressed hope that Pakistan would receive additional oil supplies within the next 48 hours, which could further improve the country’s petroleum situation. The government, he added, has decided to take strict action against hoarding and the creation of artificial shortages.
The prime minister said firm measures would be taken against those involved in creating artificial scarcity and informed Nawaz Sharif about recent diplomatic contacts with Saudi Arabia, Iran and other regional countries.
He reiterated that the government is utilizing all available resources to provide relief to the public and that Pakistan is playing a constructive role for peace and stability in the region while remaining fully prepared to deal with any crisis.
On the occasion, Nawaz Sharif emphasized the importance of maintaining energy supply despite regional tensions, calling the government’s efforts to secure alternative arrangements a positive step.
He said the current global situation is highly sensitive and urged the government to adopt a prudent economic strategy.
Nawaz Sharif added that prioritizing public relief in difficult times is essential and stressed the need for immediate measures to stabilize the economy, noting that national unity and effective strategy could help overcome the crisis.