Pakistan’s government has indicated that it is deliberating the possibility of importing more affordable oil and gas from Iran following a recent easing of United States sanctions. On June 28, 2026, federal minister for petroleum, Ali Pervaiz Malik, disclosed that the administration is actively examining this option after a 60-day waiver was granted to Iran, allowing the nation to export crude oil and petroleum products under specified circumstances.

During a press conference held in Lahore, Malik articulated the government’s awareness of fluctuating petroleum prices post-Iran-US tensions, stating that peace is reportedly returning to the Gulf region. He emphasised that any decision made will align with international obligations and agreements.

Current Domestic Fuel Prices and Consumer Relief

The petroleum minister highlighted that the government has already provided consumers with relief that surpasses the recent decrease in global crude oil prices. He noted the public’s benefit from lower international prices, affirming, “If prices decline again in the international market, we will also reduce domestic prices accordingly.” Reports suggest that the commitment to lower prices aims to alleviate financial pressure on the public amidst rising costs.

Historically, during periods of heightened conflict between the US and Iran, petrol prices in Pakistan peaked at PKR 414 per litre. Currently, petrol is available at PKR 300 per litre, reflecting a significant reduction compared to previous highs.

However, concerns have arisen regarding a gas shortage affecting various regions of Pakistan. Economist Mahmood Rasool reported to PTI that many consumers, particularly in Punjab, are experiencing limited access to gas, with supplies available for only a few hours each day due to ongoing crises in the energy sector.

Implications of US Sanctions Waiver

It is important to note that the US’s recent action represents a temporary easing of sanctions rather than a complete lifting. The 60-day waiver allows for the potential export of crude oil and petroleum products from Iran, contingent upon specified guidelines, and remains subject to renewal or termination based on future negotiations between the US and Iran. Amidst this scenario, various voices within Pakistan have called for the government to seize the opportunity to procure cheaper oil and gas from Iran.

As discussions continue, the Pakistani administration has expressed a commitment to ensuring that any importation of Iranian oil will be executed within the framework of international regulations. This assurance aims to balance national interests with compliance to global standards as the country navigates its energy challenges.

In conclusion, Pakistan is currently assessing the feasibility of sourcing economical oil and gas from Iran in light of temporary changes in US sanctions. With government officials indicating a focus on lowering domestic fuel prices, the potential for leveraging cheaper Iranian energy resources could significantly impact the local market and consumer costs.

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