Addressing a press conference in Lahore, he said Pakistan’s next major priority, following recent strategic and diplomatic successes, was to achieve sustainable economic growth.

He also congratulated the nation on Pakistan’s 79th Independence Day and prayed for the strength and prosperity of the country and its people.

Malik said the Makkah Joint Defence Agreement, reached through the efforts of Prime Minister Shehbaz Sharif, Field Marshal Syed Asim Munir and Deputy Prime Minister Ishaq Dar, was a matter of national pride.

He said Pakistan had emerged as a net security provider in the region, adding that the combined strengths of Saudi Arabia’s economy, Türkiye’s technological advancement and Pakistan’s defence capabilities would contribute to regional stability.

The minister said the government had taken difficult economic decisions that helped stabilise the country’s economy.

He added that the focus had now shifted from concerns over a possible default to accelerating economic growth.

Referring to international developments, Malik said the Iran-US conflict had created significant challenges for global energy markets, triggering sharp increases in crude oil and petroleum product prices.

Despite the pressure, he said, the government had ensured uninterrupted fuel supplies across the country and made efforts to shield consumers from the full impact of rising international prices.

Malik said the government remained committed to providing maximum relief to the public despite limited financial resources.

He added that Prime Minister Shehbaz Sharif had introduced a transparent petroleum pricing mechanism, with pricing calculations available on the Oil and Gas Regulatory Authority (OGRA) website.

Highlighting Pakistan’s energy challenges, the minister said the country imported around 90% of its energy requirements, while domestic oil production stood at approximately 70,000 barrels per day against daily demand of around 500,000 barrels.

He stressed the need to accelerate domestic oil and gas exploration to reduce the country’s reliance on imports.

Malik said the prime minister and the field marshal had tasked a leading international company with preparing a comprehensive roadmap for Pakistan’s energy sector.

The roadmap would be presented to the national leadership in the coming months, he added.

The minister said the federal cabinet had approved the refinery policy and that the government was working to resolve long-standing financial issues in the petroleum sector.

He said the accumulation of circular debt had been halted and efforts were underway to clear outstanding liabilities inherited from previous administrations.

Malik also said Türkiye’s Turkish Petroleum would soon begin offshore drilling operations in Pakistan’s territorial waters, paving the way for significant foreign investment in the energy sector.

He announced that tenders for liquefied petroleum gas (LPG) would open on Monday and said the government had also made arrangements to issue new gas connections to facilitate consumers.