Petroleum Minister Ali Pervaiz Malik said that Pakistan was considering importing cheaper oil and gas from Iran following a temporary easing of US sanctions on Tehran.
Speaking to the media in Lahore, the minister said the government was actively working on measures to reduce oil prices and provide relief to the public.
His remarks come as the possibility of sourcing Iranian crude has once again emerged for Pakistan, potentially allowing the country to import discounted oil and refine it locally into higher-value petroleum products.
Industry estimates suggest that importing Iranian crude could save Pakistan between $170 million and $340 million in import costs if 10 to 20 percent of total petroleum requirements are met through discounted supplies, including freight savings.
However, industry experts say that although local refineries are technically capable of processing Iranian crude, several commercial and operational issues remain. These include the higher yield of furnace oil from Iranian crude and the limited domestic demand for the product.
Malik said the recent rise in petrol and diesel prices had caused difficulties for the public, but added that the situation had now improved.
“That difficult phase has passed. Good times are coming now,” he said, adding that the government had significantly reduced petrol and diesel prices.
The minister also maintained that the reduction in domestic fuel prices was greater than the decline recorded in international oil prices.
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Iran Zindabad
Petrol should be @ Rs 200/ litre, anything more is shame on this government