Islamabad (National Times) Prime Minister Shehbaz Sharif has said that Pakistan will continue its diplomatic efforts for regional peace, while rising global oil prices have increased economic pressure on the country.

Addressing a federal cabinet meeting on Wednesday, the prime minister said Pakistan had made serious diplomatic efforts in recent weeks to promote peace in the region, which contributed to a ceasefire that still remains in place. He credited Deputy Prime Minister Ishaq Dar, Chief of Army Staff Syed Asim Munir, and their teams for their sincere role, and also praised the efforts of Mohsin Naqvi.
The prime minister revealed that negotiations between Iran and the United States began in Islamabad on April 11, involving a 21-hour session between the two sides. These efforts led to a ceasefire, which was later extended and continues to hold.
He further noted that Iranian Foreign Minister Abbas Araghchi visited Pakistan for detailed talks before traveling onward to Oman and Russia.
Highlighting the economic impact, Shehbaz Sharif said that the situation has caused a sharp rise in global crude oil prices, increasing Pakistan’s weekly import bill from $300 million to $800 million. He acknowledged that rising prices have affected economic stability but said the government is taking collective measures to manage the situation.
“Oil prices are skyrocketing,” he said, adding that prices will be reviewed again on Friday, calling the situation highly challenging.
The prime minister also appreciated the efforts of Ali Pervaiz Malik, noting that a task force is monitoring the situation daily, while consultations with provinces are ongoing to maintain subsidies in public transport and other sectors.
He added that Pakistan has recently repaid $3.5 billion in external debt and thanked the leadership of Saudi Arabia for its support. He emphasized the need for continuous hard work and unity to overcome challenges.
Expressing optimism, the prime minister said tensions in the region would ease soon and lasting peace would be achieved, reaffirming that Pakistan’s diplomatic efforts for peace will continue.
Earlier, the federal cabinet reviewed the country’s overall economic and political situation, including matters related to the privatization of Pakistan International Airlines and ongoing diplomatic initiatives regarding the Middle East conflict.