ISLAMABAD: Federal Minister for Petroleum Ali Parvaiz Malik stated that diplomatic efforts led by the Prime Minister, Field Marshal, Foreign Minister, and Interior Minister have yielded results, as Iran and the United States have signed a ceasefire agreement.
In his statement, Ali Parvaiz Malik said that the Prime Minister has directed that the benefit of falling global oil prices be passed on immediately to the public, ensuring direct relief for consumers across the country.
He further announced that a high-level committee has been formed to design a transparent weekly formula for determining petroleum product prices. According to him, this new framework will help ensure clarity and allow citizens to better understand the reasons behind fluctuations in fuel prices. The formula will be finalized after comprehensive consultation with all relevant stakeholders.
Ali Parvaiz Malik also stated that despite regional tensions, Pakistan’s oil supply chain remained uninterrupted, and the government is now reviewing its broader energy security framework.
He added that multiple new measures are being developed to strengthen state interests and ensure long-term energy stability, while expressing gratitude to all partners and the public for their cooperation during the crisis.
Meanwhile, Prime Minister Shehbaz Sharif announced that an “Islamabad Understanding Memorandum” between Iran and the United States has been electronically signed, under which both countries have agreed to a diplomatic resolution of the ongoing conflict.
In a statement shared on social media, the Prime Minister, Shehbaz Sharif, said he has endorsed the agreement as a mediator, adding that both sides are committed to a peaceful and diplomatic settlement, and the deal will come into immediate effect.
He further stated that under initial steps, Iran will reopen the Strait of Hormuz, while the United States will lift the naval blockade imposed on Iran. He termed the development a major step toward peace, stability, and de-escalation in the region.
The Prime Minister also highlighted the role of Field Marshal Asim Munir, praising his continuous efforts, exceptional commitment, and contribution to regional peace and stability, which he said proved decisive in achieving this breakthrough.
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