Lahore, June 28, 2026: Federal Minister for Petroleum Ali Pervaiz Malik on Sunday said Pakistan was considering importing oil and gas from Iran following the easing of international restrictions on Tehran after the signing of the Islamabad Memorandum of Understanding (MoU) between the United States and Iran.
Speaking to reporters in Lahore, the minister said the government was exploring the possibility of purchasing Iranian petroleum products at competitive prices as global energy markets stabilise in the aftermath of the Iran-US conflict.
Malik noted that petroleum prices had surged to around Rs460 per litre in April during the peak of regional tensions but had since fallen considerably following the ceasefire and diplomatic breakthrough.
The Islamabad MoU, signed on June 17 in Bürgenstock, Switzerland, included US commitments to issue immediate Treasury sanctions waivers allowing the export of Iranian crude oil, petroleum products and related services, including banking, insurance and transportation, pending the formal termination of sanctions.
The petroleum minister said Prime Minister Shehbaz Sharif had ensured that the benefits of declining international oil prices were passed on to the public.
“We gave the people more relief than the reduction witnessed in international markets,” Malik said, adding that the government had significantly reduced petrol and diesel prices to ease the burden on consumers.
He expressed optimism that fuel prices could decline further as global markets continue to normalise, while stressing that any future decisions would remain within the framework of Pakistan’s international commitments and agreements.
Rejecting what he described as misleading reports regarding petroleum prices, Malik said certain elements were attempting to create confusion among the public.
Commenting on concerns raised by oil marketing companies, the minister said no formal communication had been received from them, although their representatives had met him to discuss industry issues, which the government was considering.
Malik also announced that suspended Re-gasified Liquefied Natural Gas (RLNG) connections would be restored soon.
Separately, he said he had installed surveillance cameras at his own textile mills to improve transparency and address concerns of the Federal Board of Revenue (FBR), suggesting that similar monitoring systems should also be introduced at ginning factories to strengthen tax compliance and transparency.
