Lahore: Pakistan is considering importing discounted crude oil from Iran following a temporary easing of US sanctions on Tehran, Petroleum Minister Ali Pervaiz Malik said on Sunday.
Speaking to the media in Lahore, Malik said the government was exploring the option of sourcing cheaper crude oil from Iran as part of its efforts to reduce energy costs. He added that the government remained focused on lowering petroleum prices, noting that recent increases in petrol and diesel rates had placed a burden on the public.
“The difficult phase has passed. Good times are coming now,” the minister said, adding that the government had reduced local petrol and diesel prices by more than the decline in international oil prices.
The option of importing Iranian crude has resurfaced after the temporary relaxation of US sanctions, potentially allowing Pakistan to access discounted oil supplies. The crude could then be refined locally into higher-value petroleum products.
According to industry estimates, importing 10% to 20% of Pakistan’s total petroleum requirements from Iran at discounted rates could reduce the country’s import bill by approximately USD 170 million to USD 340 million, including freight savings.
Industry experts say Pakistan’s refineries are technically capable of processing Iranian crude. However, they caution that commercial and operational challenges remain, particularly because Iranian crude produces relatively high volumes of furnace oil, for which domestic demand is limited.
The government has not announced any final decision on importing Iranian crude, and officials have indicated that the proposal remains under consideration.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
