TEHRAN: The Pakistani government is actively exploring the possibility of sourcing inexpensive oil and natural gas from Iran, following the easing of tensions between Tehran and Washington and the lifting of sanctions on Iran, according to a government minister.
Federal Petroleum Minister Ali Pervez Malik stated on Sunday in Lahore that Pakistan is considering options to buy lower-cost energy resources from Iran now that the Iran-U.S. conflict has subsided. He highlighted that petroleum prices surged to around Rs460 per liter in April amid the height of the Iran-U.S. standoff, but global market prices have since declined substantially.
Malik mentioned that Pakistan and the U.S. signed the “Islamabad Memorandum of Understanding” in Burgenstock, Switzerland, on June 17, with Pakistan playing a mediating role. The agreement involves the U.S. committing to issuing sanctions waivers through its Treasury Department, allowing Iran to export crude oil, petroleum products, and related services—including banking, insurance, and transportation—until the sanctions are fully lifted.
The minister added that Prime Minister Shehbaz Sharif quickly communicated these developments to the public, emphasizing that the relief provided to consumers exceeded the benefits available from international market reductions.
He emphasized that the government has already made significant cuts to petrol and diesel prices, acknowledging the hardships faced by Pakistanis during difficult times. Malik expressed optimism, stating, “Difficult days are temporary—better days are ahead,” and that efforts to reduce fuel prices will continue as global markets stabilize, within the bounds of existing international agreements.
Malik dismissed rumors suggesting misinformation about petroleum pricing, asserting that certain groups were intentionally trying to mislead the public.
Regarding the oil companies, he clarified that no official communication had been received from them but confirmed that their representatives had approached him with concerns, which he assured he had listened to carefully.
To promote transparency, Malik revealed that he had installed cameras at his own textile mills to monitor operations and address issues raised by the Federal Board of Revenue. He also called for similar measures at ginning factories.
Finally, he announced that RLNG (Regasified Liquefied Natural Gas) connections, which had been temporarily suspended, would soon be restored to ensure supply continuity.
