Pakistan weighs cheaper Iran oil and gas imports after US sanctions waiver

Lahore,UPDATED: Jun 28, 2026 20:26 IST

Pakistan on Sunday said it is considering importing cheaper oil and gas from Iran after the US eased sanctions and allowed Tehran a 60-day waiver to export crude oil and petroleum products under specific conditions.

Federal Minister for Petroleum Ali Pervaiz Malik said the option was being examined as petroleum prices fell after the end of the Iran-US conflict, with peace returning to the Gulf region. He said Pakistan would continue to act in line with international agreements and obligations.

Addressing a press conference in Lahore, Malik said, "We are considering the option of importing cheaper oil and gas from Iran." He added that the government had given consumers relief that was greater than the decline in global crude oil prices seen last week.

"If prices decline again in the international market, we will also reduce domestic prices accordingly," the minister said. He also alleged that certain elements were misleading the public about 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 in Pakistan had risen to PKR 414 per litre. At present, petrol is priced at PKR 300 per litre.

Economist Mahmood Rasool told PTI that most parts of Pakistan were currently facing an acute shortage of gas. He said the government was supplying gas to consumers, especially in Punjab, for only a few hours a day because of the crisis.

The US move is a temporary easing of sanctions and not a permanent lifting. The 60-day waiver, which allows Iran to export crude oil and petroleum products under specific conditions, is subject to renewal or termination depending on the outcome of US-Iran negotiations. Following the decision, calls have come from different quarters for Pakistan to buy cheap oil and gas from Iran to benefit the general public.

In sum, Pakistan is weighing the option of importing cheaper oil and gas from Iran after the temporary easing of US sanctions, even as the government says any step will remain within international obligations and consumers will get the benefit of lower global prices.

With PTI Inputs

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