Petroleum Minister Ali Pervaiz Malik eyes cheap Iranian oil

Federal Petroleum Minister Ali Pervaiz Malik has said that Pakistan is considering the possibility of importing cheaper oil and gas from Iran, while

Federal Petroleum Minister Ali Pervaiz Malik has said that Pakistan is considering the possibility of importing cheaper oil and gas from Iran, while remaining committed to international agreements and obligations.

Speaking to the media in Lahore, the minister said the government would pass on the benefit of lower international oil prices to consumers whenever global market conditions allow.

He stated that if prices in the international market continue to decline, the government will review domestic petroleum prices accordingly and provide relief to the public.

Ali Pervaiz Malik said the government had already provided consumers with greater relief than the reduction recorded in global crude oil prices during the previous pricing review.

He rejected criticism regarding petroleum pricing policies and said certain elements were spreading misleading information about fuel prices and government decisions.

The minister credited Prime Minister Shehbaz Sharif for ensuring that the financial benefits resulting from changes in global oil markets were transferred directly to consumers.

Referring to regional developments, he said tensions in the Middle East had eased following the end of hostilities involving Iran and the United States, contributing to stability in international energy markets.

According to the minister, improving regional conditions have led to a decline in global petroleum prices, creating opportunities for importing countries such as Pakistan to secure more favourable energy costs.

He added that the government was closely monitoring international price movements and remained committed to protecting consumers from unnecessary financial burdens.

Ali Pervaiz Malik further stated that authorities were actively reviewing all available options to strengthen Pakistan’s energy security and ensure affordable supplies of oil and gas.

Commenting on the security situation during Muharram, the minister expressed satisfaction over the peaceful passage of the first ten days of the holy month.

He praised the efforts of security institutions, law enforcement agencies and government officials for maintaining peace and order during religious gatherings and processions across the country.

The minister also appreciated the role of the Pakistan Army, Prime Minister Shehbaz Sharif and the Punjab government in ensuring effective security arrangements during Muharram.