Pakistan PM Announces Austerity Measures on Oil Price Surge

Pakistan's Prime Minister Shehbaz Sharif announced a series of austerity measures on Monday to conserve fuel and stabilize the economy amid surging global oil prices triggered by escalating conflict in the Middle East. The directives, outlined in a televised address to the nation, include temporary school closures, a reduced workweek for government offices and shifts to remote learning and work to curb transportation demands.

The measures respond to a sharp rise in international crude oil prices, which exceeded 100 dollars per barrel following disruptions from the ongoing US-Israel military actions against Iran and subsequent Iranian attacks on oil-producing Gulf states. Brent crude reached 107.97 dollars per barrel, while West Texas Intermediate hit 106.22 dollars, marking multiyear highs driven by threats to key shipping routes like the Strait of Hormuz and production cuts in countries including Iraq, Kuwait and the United Arab Emirates. Pakistan, which imports most of its energy needs, recently increased petrol and diesel prices by 55 rupees per liter, the largest such hike on record, heightening concerns over inflation and economic strain.