If cheaper Iranian oil is made available

June 29, 2026

Federal Petroleum Minister Ali Pervaiz Malik has said that Pakistan is exploring the option of importing cheaper oil and gas from Iran. However, he stressed that any such decision will be taken while respecting Pakistan’s international agreements and legal obligations. Speaking to the media in Lahore, the minister said the government is closely watching changes in international oil prices. If global prices continue to fall, the government will review local petroleum prices and pass on the benefit to consumers. He explained that during the last fuel price review, the government had already provided more relief to the public than the actual decline in international crude oil prices. He rejected criticism of the government’s fuel pricing policy and said that some people were spreading false and misleading information about petroleum prices and government decisions.

The minister also praised Prime Minister Shehbaz Sharif, saying he had ensured that the financial benefits of changes in international oil markets were transferred to ordinary citizens whenever possible. Ali Pervaiz Malik also spoke about recent developments in the Middle East. He said that tensions had eased after the end of hostilities involving Iran and the United States. According to him, this has brought greater stability to international energy markets and helped push global oil prices lower.

Lower international oil prices create an opportunity for countries like Pakistan, which import most of their fuel, to buy oil at cheaper rates. The minister said the government is studying all available options to improve Pakistan’s energy security while ensuring affordable supplies of oil and gas for the country. If Pakistan is able to import cheaper Iranian oil and gas and the savings are fully passed on to consumers, it could bring meaningful relief to millions of people. Lower fuel prices can reduce transport costs, ease pressure on businesses, and help lower the prices of many everyday goods. At a time when many families are struggling with high inflation and rising living expenses, cheaper fuel would directly benefit household budgets.

In many ways, this would also be the clearest economic benefit of the recent easing of tensions in the Middle East. While peace agreements and diplomatic progress often seem distant from the lives of ordinary people, lower energy prices would allow Pakistanis to feel the impact in a practical way. If regional peace leads to cheaper oil imports from Iran and those savings reach the public through lower petrol and diesel prices, it would represent the most visible and meaningful dividend of peace for the people of Pakistan.

The minister also expressed satisfaction over the peaceful observance of the first ten days of Muharram. He praised Pakistan’s security institutions, law enforcement agencies, government officials, the Pakistan Army, Prime Minister Shehbaz Sharif, and the Government of Punjab for maintaining peace and security during religious processions and gatherings.