Pakistan Considers Importing Oil and Gas from Iran Post-Sanctions

Pakistan's Petroleum Minister, Ali Pervaiz Malik, announced on Sunday that the country is exploring the possibility of purchasing oil and gas at competitive prices from Iran, following the de-escalation of tensions between Tehran and Washington and the lifting of imposed restrictions. Speaking to media in Lahore, the minister explained that domestic petroleum product prices had reached 460 rupees per liter in April, coinciding with the peak of geopolitical conflict, but global prices have since significantly declined. This development follows the signing of the "Islamabad Memorandum of Understanding" by Washington and Tehran in Bürgenstock, Switzerland, on June 17, facilitated by Pakistan. The agreement commits the United States to immediately issue sanctions waivers via the Treasury Department for the export of Iranian crude oil, petroleum products, and derivatives. This covers all related services, including banking, insurance, and transport, as a prelude to fully ending sanctions. Malik added that Prime Minister Shehbaz Sharif promptly passed the benefits to the citizens, noting that consumer relief surpassed global market declines, and stating, "The government offered the people benefits beyond what the international market provided." The minister noted that the government implemented significant petrol and diesel price cuts, acknowledging the Pakistani people had faced tough times. He affirmed: "Hard times don't last; this period has passed, and better days are ahead."