Federal Minister for Petroleum Ali Pervez Malik announced on Sunday that Pakistan was exploring the possibility of importing lower-cost oil and gas from Iran after the lifting of restrictions.
Speaking to reporters in Lahore, he said petroleum prices had surged to nearly Rs460 per litre in April during the peak of tensions between the United States and Iran, but international oil rates have since declined considerably.
Referring to the Islamabad Memorandum of Understanding signed by the US and Iran on June 17 in Bürgenstock, Malik said that Pakistan played a major role in facilitating the peace agreement.
As part of the understanding, the US agreed to grant immediate sanctions exemptions through the Treasury Department, allowing exports of Iranian crude oil, refined petroleum products, and related services such as banking, insurance, and shipping until all sanctions are officially removed.
Malik said Prime Minister Shehbaz Sharif quickly ensured that the decline in international oil prices translated into relief for the public, adding that consumers were given even greater benefits than the reduction recorded in global markets.
He stated that the government had significantly reduced petrol and diesel prices, acknowledging that citizens across Pakistan had endured a challenging period. He added that the difficult phase was now over and expressed confidence that better economic conditions were ahead.
According to him, authorities are continuing efforts to further reduce fuel prices and will make additional adjustments as international energy markets stabilise, while also remaining compliant with existing global agreements.
Rejecting what he described as false narratives surrounding petroleum pricing, Malik said certain groups were deliberately spreading misleading information in an attempt to create confusion among the public.
Addressing concerns raised by oil marketing companies, he said the government had not received any formal written communication, though company representatives had met with him and shared their reservations, which were heard in detail.
Malik also revealed that he had installed surveillance cameras at his own textile factories to improve transparency and address concerns raised by the Federal Board of Revenue, adding that similar monitoring systems should also be introduced at cotton ginning factories.
He further announced that suspended RLNG (Re-gasified Liquefied Natural Gas) connections would soon be reinstated.
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