Lahore: Pakistan Sunday said it is considering importing cheaper oil and gas from Iran following the easing of sanctions by the US, allowing Tehran a 60-day waiver to export crude oil and petroleum products.
Federal Minister for Petroleum Ali Pervaiz Malik, in a press conference in Lahore, said peace has returned to the Gulf region following the end of the Iran-US conflict, which had led to a decline in international petroleum prices.
We are considering the option of importing cheaper oil and gas from Iran, Malik said.
He said the Pakistan government, however, would continue to act in line with international agreements and obligations.
We have provided relief to consumers that exceeded the decline in global crude oil prices witnessed last week. If prices decline again in the international market, we will also reduce domestic prices accordingly, the minister said and alleged that certain elements are misleading the public regarding petroleum prices.
Prime Minister Shehbaz Sharif has ensured that the benefit of lower international prices will be immediately passed on to the people, he said.
During the height of the US-Iran war, petroleum prices increased to PKR 414 per litre in Pakistan. Currently, petrol is priced at PKR 300 per litre.
Economist Mahmood Rasool, while speaking to PTI, said, Most parts of Pakistan are currently facing an acute shortage of gas.
He further said the government is providing gas to consumers, especially in Punjab, for a few hours per day because of the crisis.
The US has temporarily eased sanctions by issuing a 60-day waiver that allows Iran to export crude oil and petroleum products under specific conditions.
It is not a permanent lifting of sanctions, and the waiver is subject to renewal or termination depending on the outcome of US-Iran negotiations.
Following the decision, there have been calls from different quarters to buy cheap oil and gas from Iran to benefit the general public.