Federal Minister for Petroleum Ali Pervez Malik said on Sunday that Pakistan is considering buying cheaper oil and gas from Iran after the end of the Iran-US war and the lifting of restrictions on Tehran.
Speaking to the media in Lahore, he said petroleum prices had reached Rs460 per litre in April during the peak of the Iran-US conflict, but global oil prices have since fallen significantly.
He said the “Islamabad Memorandum of Understanding” was signed between Washington and Tehran in Switzerland’s Burgenstock on June 17, with Pakistan playing a key mediating role.
Under the agreement, the United States agreed to issue sanctions waivers through its Treasury Department to allow the export of Iranian crude oil, petroleum products, and related services, including banking, insurance, and transportation, until sanctions are fully lifted.
The minister said Prime Minister Shehbaz Sharif immediately passed on the benefits of lower global prices to the public, claiming that consumers received even more relief than the international market drop. He added, “We gave the people more benefits than what the international market offered.”
He said the government has reduced petrol and diesel prices significantly and acknowledged that people went through difficult times, adding that “better days are coming.”
He also said further price reductions are being considered as global markets stabilize, while remaining within international agreements.
Rejecting claims of misinformation about fuel prices, he said some groups are trying to mislead the public.
On oil companies, he said no official letter had been received, but representatives had met him to share concerns, which he heard.
He also said he had installed surveillance cameras at his textile mills to improve transparency with the Federal Board of Revenue and suggested similar measures for ginning factories.
Finally, he announced that RLNG gas connections, which were previously suspended, would be restored soon.
