LAHORE (MNN); Federal Minister for Petroleum Ali Pervaiz Malik has said that Pakistan is considering importing cheaper crude oil and gas from Iran following the temporary easing of U.S. sanctions on Tehran.
Speaking to journalists in Lahore on Sunday, the minister said the government was actively exploring measures to reduce energy costs and provide relief to consumers. He noted that the recent surge in petrol and diesel prices had placed a significant burden on the public but expressed confidence that the situation was improving.
“The difficult phase has passed, and better days are ahead,” Malik said, adding that the government had already announced substantial reductions in petroleum prices.
The possibility of importing Iranian crude has re-emerged after a temporary relaxation of U.S. sanctions, creating an opportunity for Pakistan to secure discounted oil supplies. Industry estimates suggest that importing 10 to 20 percent of the country’s petroleum requirements from Iran could save between $170 million and $340 million annually through lower crude prices and reduced freight costs.
Pakistan’s refining sector is considered technically capable of processing Iranian crude oil. However, energy experts caution that commercial and operational challenges remain, particularly due to the higher production of furnace oil, for which domestic demand remains limited.
Prime Minister Shehbaz Sharif had earlier announced a Rs74 per litre reduction in petrol prices and a Rs67 per litre cut in high-speed diesel on June 19, passing on the benefits of declining international oil prices to consumers.
The reduction followed improved stability in global energy markets after tensions in the Middle East eased with the U.S.-Iran interim peace agreement and the resumption of energy shipments through the Strait of Hormuz. The reopening of the strategic waterway helped bring down global crude oil prices after earlier disruptions had pushed them higher.
Malik said the reduction in domestic fuel prices was even greater than the decline witnessed in international markets, reflecting the government’s commitment to providing maximum relief to the public.
