Pakistan’s business community has voiced deep concern over rising global oil prices amid growing tensions in the Middle East. FPCCI President Atif Ikram Sheikh said in Islamabad that crude prices nearing USD 100 a barrel could increase the country’s import bill. He warned that businesses and exporters would face mounting pressure as a result.
FPCCI described the surge in international oil prices as a warning bell for the global economy. Energy-import-dependent countries like Pakistan face particular risk. Sheikh said rising prices are already pressuring Pakistan’s import bill. Therefore, he urged the government to take immediate steps to contain energy prices and business costs.
Sheikh warned that higher energy costs could undermine the competitiveness of Pakistani industries and exporters. This risk grows if global crude prices keep climbing. He added that escalating regional tensions could also raise global trade, shipping and insurance costs. These pressures could disrupt supply chains and create fresh challenges for the global economy. The business community, he said, is facing new economic challenges because of uncertainty in global markets.
Sheikh called for an alternative strategy to shield Pakistan from rising international energy prices. He urged the government to give greater support to the private sector. This support, he argued, could help boost exports and reduce the country’s reliance on imports. Additionally, he stressed the need for closer coordination between the government and the business community to manage the potential impact of an energy crisis. Economic stability, business continuity and a conducive environment for industry and trade should top Pakistan’s priorities, he said, amid global economic uncertainty.
Sheikh pointed to renewed tensions between the United States and Iran as a key driver behind the price surge. He also cited Houthi attacks on Saudi Arabia as a risk factor. Instead of remaining contained, these tensions could push international crude prices above USD 100 a barrel. He warned that developing economies would likely bear the heaviest impact.
Pakistan relies heavily on imported fuel to meet its energy needs. The country could face higher import costs if the oil price surge continues. Finally, Sheikh called on all parties to exercise restraint, noting that peace and stability in the region serve the interests of trade and economic activity, for Pakistan and the wider world.
