Pakistan remains active in exploring further reductions in petroleum product prices as global oil markets continue to normalise, the minister said.
The minister has said that RLNG connections will be restored soon. He added that the government has already passed on more relief than the reduction in global prices.
Separately, Malik stated that cameras have been installed at textile mills to address concerns raised by the Federal Board of Revenue (FBR).
Federal Minister for Petroleum Ali Pervez Malik said on Sunday that Pakistan is considering purchasing cheaper oil and gas from Iran following the end of the Iran-US war and the lifting of restrictions on Tehran.
Speaking to media in Lahore, he said petroleum prices had reached as high as Rs460 per litre in April during the peak of the Iran-US conflict, but have since declined significantly as global markets have stabilised.
Federal Minister for Petroleum Ali Pervez Malik said that Washington and Tehran had signed the “Islamabad Memorandum of Understanding” in Switzerland’s Burgenstock on June 17, with Pakistan playing a key mediating role.
Under the agreement, he said, the United States agreed to immediately issue sanctions waivers through its Treasury Department for the export of Iranian crude oil, petroleum products and derivatives, along with related services including banking, insurance, and transportation, until sanctions are formally lifted.
The minister added that Prime Minister Shehbaz Sharif had promptly passed on the resulting benefits to consumers, claiming that relief provided to the public exceeded the reduction seen in global markets. “We gave the people more benefits than what the international market offered,” he said.
He noted that petroleum prices had been significantly reduced after reaching as high as Rs460 per litre during the peak of the Iran-US conflict, saying that the difficult period had now eased and conditions were improving.
Malik said the government remained committed to further reductions in fuel prices as global markets stabilise, while staying within the framework of existing international commitments. He also rejected what he described as misleading reports about petroleum pricing, alleging that certain elements were spreading confusion.
On oil sector concerns, he said no formal letter had been received from oil companies, although their representatives had met him and conveyed their issues, which he said were being heard.
He further stated that RLNG connections, previously suspended, would soon be restored. Separately, he said he had installed surveillance cameras at his textile mills to ensure transparency and address Federal Board of Revenue concerns, and urged similar measures at ginning factories.
