Petroleum Minister Ali Pervaiz Malik has announced that Pakistan is considering importing oil and gas from Iran following a temporary easing of US sanctions on Tehran. The move is aimed at reducing energy costs and providing relief to consumers facing high fuel prices.
Speaking to the media in Lahore, the minister said the government is evaluating different options to lower petroleum prices and ease the financial burden on the public.
According to Malik, the possibility of importing discounted Iranian crude oil has once again become a viable option. If approved, Pakistan could refine the imported crude domestically, helping to reduce import expenses while producing higher-value petroleum products.
Industry estimates suggest that sourcing 10 to 20 percent of Pakistan’s petroleum needs from Iran could generate savings of approximately $170 million to $340 million. These savings would come from lower crude prices as well as reduced transportation costs.
However, energy experts caution that several operational challenges remain. Although local refineries are capable of processing Iranian crude, its higher furnace oil output presents a concern due to limited domestic demand for the product. Commercial and logistical factors will also need to be addressed before imports can begin.
The petroleum minister acknowledged that the recent increase in petrol and diesel prices had placed additional pressure on consumers. However, he expressed confidence that the situation is improving.
“That difficult phase has passed. Good times are coming now,” Malik said, adding that the government has already reduced petrol and diesel prices in recent weeks.
He further stated that the reduction in domestic fuel prices has exceeded the decline seen in international crude oil markets, reflecting the government’s efforts to provide maximum relief to the public.
