US-Iran war hits Pakistan economy: Shehbaz

Shehbaz Sharif on Wednesday said the ongoing conflict between the United States and Iran has dealt a serious blow to Pakistan’s economic gains made over the past two years.

Addressing a Cabinet meeting, Sharif highlighted the sharp rise in the country’s oil import bill, which has surged from around USD 300 million before the conflict to nearly USD 800 million, putting additional strain on the economy.

He also noted a decline in petroleum consumption in the current week compared to the previous one, reflecting the impact of rising costs and economic pressures.

The Prime Minister said a dedicated task force is closely monitoring the situation on a daily basis, according to an official statement.

Sharif further asserted that Pakistan will continue efforts to help ease tensions between the two sides and contribute towards restoring peace in the West Asia region.

The developments underscore the wider economic fallout of geopolitical conflicts, particularly for energy-import dependent countries like Pakistan.