Pakistan mulling purchase of cheaper fuel from Iran: Malik
- By Sheeraz Soomro -
- Jun 29, 2026
Petroleum Minister Ali Pervaiz Malik has said that Pakistan is considering importing lower-cost crude oil and natural gas from Iran as part of its efforts to reduce energy costs and provide relief to consumers.
Speaking to the media in Lahore, the minister stated that the government is exploring the possibility of purchasing discounted Iranian crude oil, following the temporary easing of US sanctions on Tehran.
عوام کو سستے ایندھن کی فراہمی کیلئے ایران سے بات کر رہے ہیں، علی پرویز#ARYNews pic.twitter.com/RhXZ1xLd2u
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If the plan moves forward, Pakistan could import crude oil at lower prices and refine it locally to produce a range of petroleum products, helping strengthen the country’s energy sector.
Malik asserted that the government remains committed to reducing the financial burden caused by rising fuel prices. He acknowledged that recent increases in petrol and diesel rates had affected households and businesses across the country.
However, he expressed optimism about the outlook, saying that the difficult period is ending and that fuel prices have already been reduced to provide relief to the public.
The minister’s remarks follow the government’s decision announced on June 19, when Prime Minister Shehbaz Sharif approved a Rs74 per litre reduction in petrol prices and a Rs67 per litre cut in high-speed diesel prices.
The price cuts were introduced after international oil prices declined, allowing the government to pass on the benefit to consumers.
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The decline in global oil prices came after tensions in the Middle East eased following the US-Iran interim peace agreement. Energy shipments through the Strait of Hormuz, one of the world’s most important oil transit routes, also resumed, helping stabilize global crude supplies.
Earlier disruptions in the region had pushed international oil prices higher, but markets responded positively as geopolitical tensions eased.
According to Malik, the reduction in domestic fuel prices exceeded the decline seen in international oil markets. He said the government’s strategy is focused on ensuring that consumers receive the maximum possible benefit from lower global crude oil prices while maintaining stability in the country’s energy sector.