'Pakistan bleeding ₹76,000 crore weekly': PM Shehbaz Sharif raises alarm over soaring oil import bill amid deepening debt woes

Pakistan's oil import bill has jumped to $800 million due to the ongoing US-Iran conflict, Prime Minister Shehbaz Sharif said on Wednesday, warning that the war has significantly reversed the country's recent economic gains. Speaking during a cabinet meeting, Sharif said the sharp increase in oil prices has placed fresh pressure on Pakistan's economy, TOI reports.

"If a week ago our bill was $300 million, today it has reached $800 million," Sharif told ministers, as quoted by TOI.

He added that petroleum consumption had also declined in the current week compared to the previous one.


"Allah Almighty had placed our economy on a macro level, and we were growing in numbers, but as a result of this sudden war, our efforts made in the last two years have gone down," Sharif said.

Pakistan Continues Diplomatic Efforts

Despite the economic strain, Sharif said Pakistan remains committed to helping ease tensions between the United States and Iran.

He briefed the cabinet on Islamabad's diplomatic initiatives, including hosting marathon 21-hour talks between Iranian and US officials on April 11.

Sharif noted that the ceasefire between the two countries has been extended and continues to hold.

Iranian Foreign Minister Abbas Araghchi made two brief visits to Pakistan within 48 hours over the weekend and held meetings with Sharif and Army Chief Field Marshal Asim Munir.

Pakistan is now preparing to host a second round of US-Iran talks.

Sharif said a task force has been formed to monitor the economic situation on a daily basis.

Pakistan's Deepening Debt Crisis

Pakistan’s debt crisis has intensified, with foreign exchange reserves under severe pressure amid large upcoming repayments. The country must repay around $3–3.5 billion to the UAE alone, equivalent to nearly one-fifth of its total reserves of $16.4 billion. With thin reserves covering only about three months of imports and limited financing options, Islamabad is struggling to stabilise its economy while seeking fresh loans and rolling over existing debt.

Background of the Conflict

The current tensions stem from a US-Israel joint strike on Iran on February 28 that killed Supreme Leader Ali Khamenei and several top commanders, prompting Iranian retaliation across the Gulf region.

US President Donald Trump later extended a two-week ceasefire with Iran indefinitely.

Sharif emphasised that Pakistan has no direct role in the conflict but is actively working to promote regional stability and peace in West Asia.


(With TOI inputs)