Pakistan on high alert: PM Shehbaz unveils austerity drive amid global oil crisis

WEB DESK: Speaking at a high-level review meeting on Monday, Prime Minister Shehbaz Sharif reassured the nation that the government is closely monitoring the volatile situation stemming from disruptions in the Strait of Hormuz, as global oil supplies come under pressure.

According to the Express Tribune, he noted that the administration has adopted a strategy centred on austerity and resource management to shield citizens from economic shocks, including the formalisation of a four-day work week and expanded work-from-home policies aimed at reducing fuel consumption and preserving petroleum reserves.

The Prime Minister emphasised that timely decisions by the economic stability committee have ensured adequate short-term fuel supplies, highlighting the government’s decision not to increase fuel prices as a reflection of its commitment to public relief, while reiterating that economic stability and citizen welfare remain top priorities.

Alongside immediate measures, the government is also focusing on long-term market stability by directing petroleum companies to strictly adhere to official pricing, warning against hoarding and profiteering, and mandating transparency.

The meeting concluded with key directives, including third-party audits to ensure enforcement of austerity measures, continuous real-time monitoring of petroleum sales, and adjustments to import strategies to sustain supply amid regional uncertainty, with the Prime Minister projecting cautious confidence in navigating the ongoing crisis.