Govt standing with public through austerity measures: Qaiser

ISLAMABAD, (UrduPoint / Pakistan Point News - 12th Mar, 2026) Investment Minister Qaiser Ahmed Sheikh on Thursday said the government is standing with the public and has taken steps to manage the economic impact of rising global oil prices, adding that the recent increase in fuel prices was necessary to prevent shortages and ensure uninterrupted supply in the market.

While speaking to a local news channel, Qaiser Ahmed Sheikh explained that the government made a timely decision to raise fuel prices, warning that if prices had not been adjusted, some elements could have started hoarding oil, which might have led to an artificial shortage across the country.

He added that the government is also implementing austerity measures and sharing the burden with the public, expressing hope that fuel prices will decrease once the war situation ends and global oil markets stabilize.

He warned that war brings serious consequences for the region, including economic instability, rising inflation and disruption in global energy supplies, adding, prolonged conflict could further increase oil prices and create additional pressure on developing economies.

The minister urged the international community to play its role in ending the war as soon as possible, saying peace is essential for economic stability and prosperity.

He expressed hope that once the conflict ends, global oil prices would ease, providing relief to people and economies around the world.