Karachi: Federal Minister for Petroleum Ali Pervaiz Malik said the government is considering early market closures as part of an austerity drive to manage the worsening energy crisis linked to Middle East tensions.
Speaking on a television programme, Malik confirmed that provincial chief ministers discussed the proposal in a high-level meeting. If approved, markets across Pakistan would close earlier than usual, while wedding halls and restaurants would be allowed to operate until 10pm.
Austerity measures emerge as fuel crisis intensifies
Meanwhile, the energy crunch has deepened following disruptions in global oil markets after U.S. and Israeli strikes on Iran triggered regional instability. In response, Pakistan introduced fuel conservation measures and sharply raised petroleum prices.
Although prices initially surged to record levels, the government recently reduced them after revising levies. Nevertheless, officials acknowledged that economic pressures remain severe. Malik emphasized that authorities are preparing for significant financial challenges in the coming months.
Economic concerns prompt global financial engagement
Furthermore, Finance Minister Muhammad Aurangzeb is expected to travel abroad for meetings with the International Monetary Fund and the World Bank. During these discussions, Pakistan will present its economic situation and explore adjustments to its financial framework.
Additionally, Malik highlighted support from the United Arab Emirates, which has maintained $3.5 billion in deposits to assist Pakistan. He also noted that domestic gas production has partially offset supply disruptions from Qatar.
Earlier, authorities considered a nationwide smart lockdown, but provincial governments rejected the proposal. Consequently, the federal government urged provinces to share responsibility in funding a Rs254 billion relief package.
