Pakistan Exploring Option of Importing Cheaper Iranian Oil, Gas as Global Energy Prices Ease

Staff Report

LAHORE: Federal Minister for Petroleum Ali Pervez Malik has said that Pakistan is considering the possibility of importing low-cost oil and gas from Iran after recent geopolitical developments and the easing of restrictions on Tehran.

Speaking to reporters in Lahore on Sunday, the minister noted that international oil prices had surged sharply during the Iran-US conflict, with petroleum products reaching as high as Rs460 per litre in April. However, global energy markets have since stabilised, creating opportunities for lower fuel costs.

Malik said Prime Minister Shehbaz Sharif had ensured that the benefits of declining global oil prices were passed on to the public, adding that the government's relief measures exceeded the reductions seen in international markets.

"We provided greater relief to consumers than the decline witnessed globally," the minister said, highlighting recent cuts in petrol and diesel prices.

He acknowledged that Pakistanis had endured a difficult economic period but expressed optimism that conditions were improving. "The challenging phase is behind us, and better days are ahead," he remarked.

The Petroleum Minister said the government remained committed to further reducing fuel prices as international markets continued to normalise, while also adhering to existing international commitments and agreements.

Addressing reports circulating about fuel prices, Malik dismissed what he described as misleading information intended to create confusion among the public.

On concerns raised by oil companies, he said no formal communication had been received, although industry representatives had met him to discuss their issues.

The minister also spoke about efforts to improve transparency in the textile sector, revealing that cameras had been installed at his textile mills to address concerns raised by the Federal Board of Revenue (FBR). He suggested that similar measures could be implemented at ginning factories.

Additionally, Malik announced that suspended RLNG connections would soon be restored, providing relief to affected consumers and industries.