ISLAMABAD – Federal Minister for Petroleum Ali Pervaiz Malik has said that Eidul Fitr is being observed amid heightened regional tensions, warning that strict austerity measures will be necessary as economic pressures intensify.
Speaking at a press conference in the federal capital alongside Information Minister Attaullah Tarar, Malik described the situation across the region as volatile, noting that ongoing conflicts have created significant challenges for Pakistan’s economy. He said the festive spirit of Eid had been dampened due to instability and rising global fuel prices.
Malik stated that petroleum prices in international markets have been steadily increasing, adding to the financial strain already faced by the country. He emphasised that the government had taken “prudent decisions” in response to the situation, including salary cuts for cabinet members and reductions in benefits for the prime minister’s team as part of wider austerity efforts.
Economic strain
The petroleum minister said the government had decided to maintain domestic fuel prices despite global increases, aiming to shield the public from additional financial burden. He stressed that strict implementation of cost-saving measures was essential under current conditions.
Highlighting the broader regional context, Malik reiterated that conflict-driven uncertainty had made economic management more challenging, requiring disciplined resource use and careful planning.
Fuel pressure
Information Minister Attaullah Tarar said Prime Minister Shehbaz Sharif had formed a committee in advance to devise a strategy to deal with fluctuations in global oil markets. He noted that while international price volatility had driven up fuel costs, the government was working to manage the impact through administrative measures and conservation policies.
Tarar confirmed that Pakistan has existing oil reserves but stressed the need for cautious consumption. He warned that global oil prices could rise further, urging citizens to avoid unnecessary travel and adopt fuel-saving practices.
He added that proposals to increase petroleum prices had been considered, but the prime minister decided against passing the burden on to the public. Instead, the government would absorb the rising costs to provide relief.
Tarar said timely and forward-looking decisions had been taken to stabilise the situation, urging the nation to support the government’s fuel conservation policy during a period marked by regional uncertainty and economic pressure.