Minister says Pakistan considering importing cheaper Iranian oil, gas

LAHORE: Minister for Petroleum Ali Pervaiz Malik said on Sunday that Pakistan is exploring the possibility of importing cheaper oil and gas from Iran.

Addressing a press conference in Lahore, Malik said that the recent cessation of hostilities between the United States and Iran has led to a stabilisation of global energy markets and a downward trend in international oil prices.

“Peace has been restored in the region with the end of the Iran-US conflict, causing petroleum prices in the global market to recede,” Malik said.

“We are moving forward in alignment with our international commitments, while simultaneously evaluating options to procure discounted oil and gas from Iran.”

Malik defended the government’s recent fuel pricing decisions, stating that Prime Minister Shehbaz Sharif’s government had already passed on relief to consumers that exceeded the drop in international benchmarks.

“The prime minister ensured that the benefits of the global market dip were immediately transferred to the public,” Malik said, dismissing criticism from opposition factions that the government was withholding the full extent of the price cuts.

“Certain elements are trying to mislead the public regarding petroleum pricing.”

Malik also commended federal and provincial security arrangements during the first ten days of Muharram, expressing gratitude to the Pakistan Army and the leadership of Punjab province for maintaining law and order.