Iran oil imports: Pakistan considers cheaper supply after US 60-day waiver

Pakistan said on Sunday it is weighing imports of lower-cost oil and gas from Iran. The discussion followed a US move that eased sanctions on Tehran. The United States granted a 60-day waiver for exports of crude oil and petroleum products. Officials said any step would still follow Pakistan’s international commitments and obligations.

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Federal Minister for Petroleum Ali Pervaiz Malik spoke at a press conference in Lahore. Malik said the Gulf region became calmer after the Iran-US conflict ended. Malik added that the conflict had earlier pushed international petroleum prices down after a spike. Malik said Pakistan is now reviewing options linked to the change.

Pakistan Iran oil and gas imports under US 60-day waiver

Malik said, "We are considering the option of importing cheaper oil and gas from Iran\". Malik also said Pakistan would keep acting within global rules. The US waiver allowed Iran to export crude oil and petroleum products under set conditions. The waiver was temporary and could be extended or ended.

The waiver did not end sanctions permanently. It depended on progress in US-Iran negotiations. After the decision, several groups urged Pakistan to buy cheaper Iranian supplies. Supporters said it could help the public. The government did not announce a final decision on the purchase plan.

Pakistan Iran oil and gas imports and domestic fuel prices

Malik said the government gave consumers relief beyond last week’s fall in global crude oil prices. Malik said, \"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,\". Malik also alleged some groups misled people about petroleum prices.

Malik said Prime Minister Shehbaz Sharif wanted fast price transmission to consumers. Malik said, \"Prime Minister Shehbaz Sharif has ensured that the benefit of lower international prices will be immediately passed on to the people,\". Pakistan’s petrol rates earlier surged during the US-Iran war. At the peak, prices reached PKR 414 per litre.

Pakistan Iran oil and gas imports amid gas shortage concerns

Economist Mahmood Rasool described the domestic energy strain. Rasool said, Most parts of Pakistan are currently facing an acute shortage of gas. Rasool added that supply is restricted in several areas. Rasool said the government gives consumers, mainly in Punjab, gas for only a few hours daily.

Petrol currently costs PKR 300 per litre, after the earlier peak of PKR 414. Officials linked recent domestic moves to shifts in global prices. Pakistan said it will keep monitoring international markets and policy conditions. Any Iranian import plan would also depend on the waiver terms and talks.

With inputs from PTI