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| Prime Minister Shehbaz Sharif addressing the federal cabinet meeting in Islamabad on April 29, 2026. — Screengrab via X@GovtofPakistan |
Addressing a federal cabinet meeting, the premier said the conflict has created instability in international energy markets, with Brent crude prices rising sharply to $114.64 per barrel.
He noted that Pakistan’s weekly oil import bill has surged from approximately $300 million to $800 million since the escalation began, putting additional pressure on the country’s economic stability efforts.
The conflict intensified on February 28 following strikes involving the **United States, **Israel and **Iran, disrupting global energy supply chains and driving prices upward.
The prime minister said a dedicated task force is monitoring the situation on a daily basis, while consultations are ongoing with provincial governments to maintain subsidies in key sectors, including public transport.
He emphasized the need for collective efforts to manage the economic challenges, urging authorities to continue working proactively to stabilize the situation.
Sharif also stated that Pakistan has repaid $3.5 billion in external debt and acknowledged the support of **Saudi Arabia in helping the country navigate financial pressures.
Highlighting Pakistan’s diplomatic role, the premier said Islamabad facilitated dialogue between Iran and the United States, with talks held in the capital and a ceasefire currently in place.
He confirmed that Iranian Foreign Minister **Abbas Araghchi visited Pakistan for further discussions and expressed optimism that ongoing diplomatic efforts could lead to a positive outcome.
The prime minister also appreciated Interior Minister **Mohsin Naqvi for supporting peace initiatives, while expressing hope that the conflict would end soon and stability would return to the region.