ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday directed authorities to prepare a comprehensive plan based on austerity and savings in view of global economic pressures arising from escalating regional tensions following the US-Israel offensive against Iran.
Chairing a review meeting on the country’s economic situation, the prime minister was briefed on the global developments and their potential economic impact on the region and Pakistan.
The meeting was informed that Pakistan had experienced its first economic impact from the ongoing conflict involving the United States, Israel and Iran, reflected in a record increase of Rs55 per litre in petrol and diesel prices announced by the federal government a day earlier.
Officials said the rise in domestic fuel prices followed a sharp surge in global oil markets amid fears of supply disruptions in the Middle East and potential threats to energy transit routes, including the Strait of Hormuz.
The prime minister directed the authorities to formulate a strategy centred on economic growth, simplicity and savings, and asked for practical and workable recommendations within 48 hours.
He emphasised that the proposed plan should minimise the burden on the public while ensuring that public relief remained a top priority.
The meeting was informed that a committee had already been formed last week to assess the global economic impact of the crisis and to propose an appropriate strategy for Pakistan.
Officials said timely measures had helped ensure that there was no shortage of petroleum products in the country.
They added that the recent increase in petroleum prices was made on the recommendation of the committee while ensuring that the minimum possible burden of global price increases was passed on to consumers.
The prime minister also directed the committee to accelerate its work and present practical recommendations at the earliest.
He further ordered strict action against petrol pumps or companies involved in creating artificial shortages or hoarding, directing that such outlets be shut down immediately, their licences cancelled and legal proceedings initiated.
Prime Minister Shehbaz also instructed the ministers for finance and petroleum to visit all four provinces and coordinate with provincial governments to devise a strategy for the conservation of petroleum products and ensuring uninterrupted supply to the public.
KP introduces fuel conservation measures
Meanwhile, the government of Khyber Pakhtunkhwa announced immediate fuel conservation measures in view of the global crisis and possible disruptions in petroleum supply chains.
According to a notification issued by Finance Secretary Kamran Ahmad Afridi, all non-essential travel, including outstation visits, ceremonial engagements and routine inspections, has been suspended.
Government departments have been instructed to conduct meetings through virtual platforms wherever possible to minimise physical movement.
The notification also directed that official vehicles be used strictly for authorised purposes, with departments encouraged to adopt vehicle pooling and avoid the use of multiple vehicles for a single official activity.
Administrative offices have been tasked with closely monitoring fuel allocations and maintaining detailed records of vehicle mileage.
Department heads have also been directed to sensitise staff about the importance of these austerity measures, while ensuring that the ongoing budget preparation process for the upcoming financial year continues without disruption.