Global economic pressures: PM seeks actionable proposals in 48 hours

LAHORE: Emphasizing austerity and savings in view of the current global economic pressures caused by the tensions in the region, Prime Minister Shehbaz Sharif has directed authorities concerned to formulate a strategy in this regard.

The PM chaired a meeting, here Saturday during which the country’s overall economic situation in the wake of current global context came under discussion.

The Prime Minister directed authorities concerned to come up with actionable proposals on this matter within the next 48 hours. He emphasized that the strategy should not only minimize the burden on the public but also prioritize public relief. The Prime Minister had formed a committee last week to review the global economic impacts of the recent tensions, which had been working on a strategy in this regard, ensuring that there is no shortage of petroleum products in the country.

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The Prime Minister instructed the committee to work more actively and to present simple and actionable recommendations for the public as soon as possible. He directed the Finance Minister and the Petroleum Minister to visit all four provinces and, in coordination with the provincial governments, develop a strategy for the conservation of petroleum products and their uninterrupted supply to the public.

Shehbaz Sharif categorically directed that any petrol pump or company found involved in creating artificial shortages or hoarding should be closed immediately and its license should be revoked and legal action should be taken.

On the other hand, Chief Minister Punjab Maryam Nawaz Sharif has ordered a grand crackdown against hoarders and profiteers involved in stockpiling petroleum products.

On the directives of the chief minister, the Punjab Enforcement and Regulatory Authority has been mobilised across the province. Authorities have been instructed to take strict action against elements creating artificial shortages in order to earn illegal profits. As per directives, petrol pumps found involved in hoarding or profiteering will be sealed immediately and their licences will be cancelled.

Maryam Nawaz Sharif has directed PERA to adopt a zero-tolerance policy against hoarders and instructed field officers to ensure strict monitoring of petrol pumps throughout the province.

The government stated that the Punjab administration has prepared a strong enforcement mechanism against the so-called “petrol mafia.” It has also made it clear that no one will be allowed to exploit the public by creating panic or artificial shortages under the pretext of tensions in the Gulf region. The Punjab government emphasised that sufficient petroleum products are available in the province and urged citizens not to pay attention to rumours.

A strong warning has also been issued against speculation and false claims regarding petroleum shortages, stating that those spreading rumours of artificial scarcity will face strict consequences.

Copyright Business Recorder, 2026