KABUL: Pakistan is facing a sharp economic strain as fuel costs have surged due to the ongoing crisis in the Strait of Hormuz and the closure of trade routes with Afghanistan.
Prime Minister Shehbaz Sharif said the country’s weekly oil expenditure has jumped from around $300 million to nearly $800 million.
He attributed the increase to rising global fuel prices caused by the Middle East conflict and disruptions in maritime traffic through the Strait of Hormuz, which he said has remained largely paralyzed since February 28.
Sharif noted that Pakistan had been showing signs of economic recovery before the conflict began, but the crisis has undermined two years of economic efforts.
The situation has been further exacerbated by the closure of trade routes and cross-border exchanges with Afghanistan, contributing to a worsening economic outlook in Pakistan.
Pakistan’s fuel costs triple amid Strait of Hormuz crisis
