President orders use of all possible measures to induce inflationary impact in his meeting with Prime Minister Shehbaz

President Asif Ali Zardari ordered the use of all possible measures to reduce the impact of inflation on the people in a meeting with Prime Minister Shehbaz Sharif.

A press release from the presidency said the two held a meeting at Aiwan-e-Sadr with Deputy Prime Minister and Foreign Minister Ishaq Dar, National Assembly Speaker Ayaz Sadiq, Home Minister Mohsin Naqvi, Law Minister Azam Nazeer Tarar and others also present.

“The President directed possible measures to reduce inflationary pressures, ensure availability of essential goods and provide relief to the common man,” the statement said.

The president said that despite the difficult geographical and regional situation, tensions in the Middle East and the disruption of the supply chain, maximum relief must be provided to the population.

The general situation in the country, issues related to Afghanistan and the changing situation in the region were also discussed in the meeting, the statement said.

Participants in the meeting also paid tribute to the martyrs of last year’s May conflict against India and the professional capabilities of the armed forces, while reiterating “the unwavering commitment to national defence.”

The directives came after the government on Friday increased the prices of petrol and high-speed diesel (HSD) by Rs 15 amid fluctuating global oil prices due to the closure of the Strait of Hormuz. It was the second increase in fuel prices in May.

The sharp rise in oil prices has triggered a new wave of economic anxiety across Pakistan, with shippers raising fares, companies warning of rising operating costs and ordinary citizens bracing for another inflationary shock in an economy already under severe pressure.

HSD is widely used in the transportation and agriculture sectors. Crop planting season is underway; Therefore, the increase in their prices will negatively affect the agricultural sector, where input costs are already high.

The price of fertilizers has already increased due to rising transportation costs. Gasoline is used in motorcycles and cars. However, the prime minister had earlier announced the continuation of a subsidy of Rs 100 per liter for motorists.

During the current Gulf War, Iran and the United States have maintained a blockade of the Strait of Hormuz, which supplies 20% of the world’s oil. The entire world is facing a crisis-like situation as oil prices have skyrocketed due to tight supplies. Middle Eastern countries such as Saudi Arabia, the United Arab Emirates and Kuwait are also facing supply problems as their oil facilities have been affected. Iran is also a key supplier of oil to China.