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Federal Minister for Petroleum Ali Pervaiz Malik said that the country’s leadership is considering early market closures as part of its austerity drive aimed at mitigating the energy crisis stemming from Middle East tensions.
Speaking on Geo News programme ‘Aaj Shahzeb Khanzada Kay Saath’, the minister referred to a meeting held a day earlier, which was attended by the chief ministers of all four provinces.
“The participants sought consideration over early market closures as part of the austerity measures,” he said, adding that if the proposal is implemented, markets would be shut earlier than the normal schedule.
He added that only wedding halls and restaurants would be allowed to operate until 10pm.
Global energy and oil markets were upended after the United States and Israel launched joint strikes on Iran on February 28. Tehran, in response, effectively blocked the Strait of Hormuz, a key shipping route, and hit oil refineries across the Gulf region.
Pakistan also rolled out a wide-ranging austerity and fuel conservation plan and initially announced a sharp increase of Rs55 per litre in the price of petrol and diesel on March 6. It later increased to Rs458.51 per litre and has now come down to Rs378.41 per litre after a decrease of Rs80 a day earlier.
During the interview, Malik also highlighted the seriousness of the economic situation, noting that the government is preparing for significant financial challenges.
He disclosed that Finance Minister Muhammad Aurangzeb is scheduled to travel abroad next week for key meetings with the International Monetary Fund and the World Bank.
In these discussions, he said, Pakistan will outline the scale of the economic pressures it is facing and the need to reassess its overall economic framework.
The minister also pointed out the support extended by the United Arab Emirates, which maintained deposits of $3.5 billion in Pakistan during challenging times.
“If any country requests the return of its loans, Pakistan has made the necessary arrangements to respond,” he added.
Addressing the energy situation, Malik said that after gas supply disruptions from Qatar, domestic gas fields have stepped in, providing between 400 to 500 MMCFD to stabilise supply.
The remarks came days after a proposal to impose a nationwide smart lockdown was opposed after provinces disagreed with the move during a high-level meeting of the national leadership chaired by President Asif Ali Zardari in Islamabad.
Sources told Geo News that the meeting reviewed the option of enforcing smart lockdowns across the country, but provincial governments disagreed with the proposal and resisted its implementation at a national level.
The federal government also urged provinces to contribute to the Rs254 billion relief package, stressing the need for a collective response to the ongoing challenges.
