Minister for Petroleum, Dr Musadik Malik, revealed on Tuesday at the Global Oil and Gas Conference that Pakistan would implement a deregulation policy for fuel prices to foster competition within the petroleum sector.
Dr. Malik emphasized that the deregulation policy would allow oil companies to compete freely by offering cheaper petrol to capture a larger market share. However, he assured the public that the government would maintain a regulatory cap on prices to safeguard consumer interests and prevent market exploitation.
The Minister highlighted the government’s commitment to utilizing local resources to drive growth in the energy sector. He also advocated promoting electrification and liberalization as key strategies to modernize and expand the sector.
Privatization and Modernization Plans
Dr. Malik reiterated that the government must exit the business sector, with the privatization of Pakistan International Airlines (PIA) remaining a priority. He also pointed out that the upcoming Council of Common Interests meeting will approve a new gas policy to modernise Pakistan’s energy infrastructure.
As part of Pakistan’s sustainable development efforts, the Petroleum Minister announced progress on green and blue hydrogen projects. He also shared that a biofuel policy would soon be approved, marking significant steps towards clean energy adoption.
Dr. Malik stressed the need for scientific research and innovation to achieve sustainable progress in the energy sector. He emphasized that Pakistan cannot rely solely on imported machinery and must prioritize local solutions to ensure long-term sustainability.
Finally, the Minister urged the Pakistani people to unite and overcome a culture of blame, stressing that national unity is essential for achieving the government’s energy policy goals. He outlined the energy policy’s threefold approach: ensuring accessibility, affordability, and sustainability for all citizens.
