Pakistan weighing cheaper oil and gas imports from Iran, says petroleum minister

LAHORE: Federal Petroleum Minister Ali Pervez Malik said on Sunday that Pakistan is considering the option of importing lower-cost oil and gas from Iran after what he described as the end of the Iran-US war and the lifting of restrictions on Tehran.

Speaking to reporters in Lahore, Malik said petroleum prices had climbed to Rs460 per litre in April during the peak of the Iran-US conflict, but added that international prices had since fallen considerably. He said the government had already reduced petrol and diesel rates and indicated that further relief could follow as global markets continue to settle.

The minister said Prime Minister Shehbaz Sharif had transferred the benefit of lower international prices to consumers immediately. He said the relief extended domestically was greater than the decline seen in world markets.

In that context, Malik said every Pakistani had endured a difficult period, but maintained that the situation had improved. He also said the government was continuing to work on further reductions in petroleum prices while remaining within existing international arrangements.

Referring to the diplomatic backdrop, Malik said Washington and Tehran signed the Islamabad Memorandum of Understanding in Burgenstock, Switzerland, on June 17, with Pakistan playing a major mediating role. Under the arrangement, the United States committed to issuing immediate sanctions waivers through the Treasury Department to allow the export of Iranian crude oil, petroleum products and derivatives, as well as related services including banking, insurance and transportation, until sanctions are formally ended.

Malik also rejected what he called misleading claims about petroleum prices, saying some elements were attempting to create confusion among the public over the issue.

On concerns raised by oil marketing companies, the minister said his ministry had not received any formal written communication from them. However, he said company representatives had met him and conveyed their concerns, which he had heard.

Separately, Malik said he had installed cameras at his own textile mills to improve transparency and address concerns of the Federal Board of Revenue. He said similar camera installation should also take place at ginning factories for the same reason.

The minister also said that suspended RLNG connections would be restored soon. :We gave the people more benefits than what the international market offered," he said. "Difficult times last only for a little while — thank God, that time has passed and better days are coming."

Petroleum Minister Ali Pervez Malik says Pakistan is considering buying cheaper oil and gas from Iran after restrictions on Tehran were eased. He also said fuel price relief had already been passed on to consumers and more reductions could follow.Pakistan considers oil and gas imports from IranPetroleum Minister Ali Pervez Malik says Pakistan is considering cheaper oil and gas imports from Iran as global fuel prices ease.Iran oilNATIONAL