Addressing a meeting of the federal cabinet on Wednesday, he said that the country’s weekly oil import bill had surged from $300 million before the conflict to $800 million, placing additional pressure on the economy.

The prime minister said that international oil prices had skyrocketed amid the regional conflict, posing serious challenges to the economy.

Prime Minister Shehbaz said the present situation needed to be handled with resilience and focus.

Referring to the stalled US-Iran peace talks, Shehbaz said Pakistan was making “extensive efforts” to help end the conflict and restore peace in the region.

He pointed out that an extension in the ceasefire had been achieved as a result of efforts made by Pakistan.

Sharif said that Pakistan had also sent new proposals to Iran aimed at supporting peace efforts, and noted that Iranian Foreign Minister Abbas Araghchi had indicated that Tehran would respond after consultations.

The prime minister expressed hope that the conflict would end soon, warning that the sudden escalation had undermined economic stabilisation efforts made over the past two years.

On fuel prices, he said new domestic rates would be announced on Friday in line with global market trends.

Sharif praised the Petroleum Ministry and its team for ensuring a stable fuel supply despite global volatility, saying Pakistan had avoided shortages or long queues seen in other countries.

He also urged the public to conserve fuel, noting a decline in consumption over recent weeks as a positive development.

The prime minister instructed provincial governments to begin consultations on providing subsidies in agriculture, public transport and other key sectors to protect citizens from rising inflation.