ISLAMABAD, Feb 18 (NNI): Minister for Petroleum Musadik Malik on Tuesday announced that Pakistan will introduce a deregulation policy for fuel prices.
Addressing a ceremony held in connection with 30th Annual Technical Conference and Oil Show in Islamabad on Tuesday, Petroleum Minister Dr. Musadik Malik announced the government’s decision to introduce a deregulation policy in the petroleum sector.
Musadik Malik stated that the current government is moving forward with a policy of deregulation, encouraging oil companies to compete by offering cheaper petrol to capture market share.
However, he added that the government would maintain a regulatory cap to protect consumer interests.
The minister underlined the importance of utilizing local resources, promoting electrification, and embracing liberalization to drive sectoral growth. He stressed that the government must exit the business sector entirely, noting that privatization efforts for PIA would continue.
Dr. Malik highlighted the need for modernization within the oil and gas sector, stating that the upcoming meeting of the Council of Common Interests would approve a new gas policy. Pakistan minister also announced progress on green and blue hydrogen projects, with a biofuel policy set for approval soon.
Dr Musadik Malik said that after a decade, 40 new offshore and 31 onshore blocks have been offered for oil and gas exploration. He said that a significant portion of Pakistan’s natural resources remains unexplored and invited international investors to capitalize on the opportunities in these newly opened blocks.
“Pakistan is open for business, and we will provide all necessary facilitation to investors,” he assured.
Addressing sustainable development, Musadik Malik underscored the importance of scientific research and innovation, stating that sustainable progress cannot be achieved by relying solely on imported machinery.
The minister called for national unity, urging the Pakistan nation to rise above a culture of blame to achieve development. He outlined the government’s threefold approach to energy policy: ensuring accessibility, affordability, and sustainability.
He said that the fundamental pillars of the government’s strategy for advancing the energy sector are Access to Energy, Provision of Affordable Energy, and Sustainability of Energy.
“Prosperity will not come by simply introducing one machine; for sustainable growth, we must engage in science and research ourselves,” he said.
“We need to change our working methods, as Pakistan has immense potential,” he added. NNI
