Pakistan Eyes Cheaper Iran Oil Supplies After US Eases Sanctions

Pakistan's Petroleum Minister Ali Pervaiz Malik announced that the country is considering importing cheaper oil and gas from Iran following a US move to ease sanctions on Tehran. The United States granted a 60-day waiver for exports of crude oil and petroleum products, allowing Pakistan to weigh its options.

The waiver does not end sanctions permanently and depends on progress in US-Iran negotiations. Malik said the government is reviewing the option of importing cheaper supplies from Iran, but any step would still follow Pakistan's international commitments and obligations.

Petroleum prices in Pakistan surged during the US-Iran conflict, reaching a peak of PKR 414 per litre. The current price of petrol stands at PKR 300 per litre, after the government provided relief to consumers beyond last week's fall in global crude oil prices.