ISLAMABAD: Minister for Petroleum, Musadik Malik, announced on Tuesday that Pakistan will implement a deregulation policy for fuel prices.
Speaking at the Global Oil and Gas Conference, Dr. Musadik Malik revealed the government’s decision to introduce deregulation in the petroleum sector. He emphasized that this shift aims to encourage competition among oil companies, allowing them to offer cheaper petrol to capture market share.
However, the minister clarified that the government would maintain a regulatory cap to protect consumer interests.
Dr. Malik highlighted the importance of utilizing local resources, promoting electrification, and embracing liberalization to drive growth in the sector. He stressed the need for the government to fully exit the business sector, noting that efforts to privatize PIA would continue.
The minister also pointed to the need for modernization within the oil and gas industry, mentioning that a new gas policy would soon be approved at an upcoming meeting of the Council of Common Interests. He also outlined progress on green and blue hydrogen projects, with a biofuel policy set for approval in the near future.
On sustainable development, Musadik Malik stressed the importance of scientific research and innovation, asserting that progress cannot rely solely on imported machinery. He urged national unity and a move away from a culture of blame to foster development, laying out the government’s energy policy approach focusing on accessibility, affordability, and sustainability.
