Petrol Prices to increase further in Pakistan? Here’s what PM said amid Global Oil Turmoil

2026-03-09 - 17:04

ISLAMABAD – Prime Minister Shehbaz Sharif said global oil prices are expected to climb further again in coming days, citing escalating tensions between Iran and Israel and disruptions in global oil supply routes, particularly the strategic Strait of Hormuz. میری کوشش ہو گی کہ آئندہ آنے والے دِنوں میں تیل کی قیمتیں نہ بڑھیں اور میں انشاء اللہ آپ کو مایوس نہیں کروں گا وزیر اعظم محمد شہباز شریف کا قوم سے خطاب pic.twitter.com/u8ApThSPkE — Somia Atta Shahani Baloch (@Somia_1234) March 9, 2026 In televised address to the nation, PM Sharif said the situation has already begun to shake global energy markets, raising fears of a possible fuel crisis if timely steps are not taken. He noted that international crude oil prices have surged dramatically—from around $60 per barrel to nearly $100 in recent days, and warned that prices could climb even higher if the conflict continues. Sharif acknowledged that the government had already taken difficult and unpopular economic decisions to keep the country’s fragile economy stable. Referring to the recent fuel price hike, he admitted it was a tough step but said the government deliberately avoided imposing the full increase initially proposed in order to reduce the burden on citizens. The prime minister stressed that Pakistan depends heavily on imported oil, particularly from Gulf countries, which means global market shifts directly affect domestic fuel prices. However, he assured the public that the government would do everything possible to shield ordinary citizens and protect economic stability during the crisis. During his address, Sharif also strongly condemned Israeli air strikes in Iran, which he said resulted in the deaths of Seyyed Ali Khamenei, members of his family, and several Iranian civilians. He reiterated that Pakistan stands firmly for the sovereignty and security of brotherly Muslim nations, including Saudi Arabia, Qatar and Bahrain, and denounced attacks against them. The premier added that Pakistan’s armed forces, under the leadership of Asim Munir, are fully prepared to safeguard the country and respond to any security challenges. Facing rising economic pressure, the government has also rolled out a series of tough austerity measures aimed at reducing spending and conserving energy. These include a 50 percent cut in fuel usage for official vehicles, temporary suspension of salaries for ministers and advisers, and a two-day salary contribution from Grade 20 and above officers to support public relief efforts. Further restrictions include a ban on foreign visits by the prime minister, ministers and advisers, a 20 percent reduction in the non-development budget, and a complete halt to official luncheons and dinners funded by the government. To curb energy consumption, the government has decided that public offices will operate only four days a week, with half of the staff working from home. In addition, schools will remain closed for two weeks, while universities and other higher education institutions will temporarily shift to online classes. Sharif also called on the country’s wealthy and influential segments to step forward and assist those struggling during the crisis, saying that strong nations stand united with their most vulnerable citizens during difficult times. At the same time, he issued a stern warning to hoarders and profiteers, stressing that the government would take strict action against anyone attempting to exploit the crisis by creating artificial shortages or raising prices unfairly.