ISLAMABAD: Pakistan is set to deregulate fuel prices, allowing oil companies to compete by offering cheaper petrol, Petroleum Minister Dr. Musadik Malik announced at the Global Oil and Gas Conference, ARY News reported.
Key Announcements
- The deregulation policy aims to create market-driven fuel pricing while maintaining a government cap to protect consumers.
- The government will exit the business sector, with privatization efforts for Pakistan International Airlines (PIA) continuing.
- New gas policy approval is expected in the upcoming Council of Common Interests (CCI) meeting.
- Green and blue hydrogen projects are progressing, with a biofuel policy set for approval soon.
Government’s Energy Strategy
Dr. Malik emphasized three key aspects of Pakistan’s energy policy:
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- Accessibility – Ensuring energy availability across sectors.
- Affordability – Reducing costs for consumers.
- Sustainability – Promoting local resource utilization, electrification, and modernization of the oil and gas sector.
Concerns from Stakeholders
- The Petroleum Dealers Association has warned against fuel price deregulation, citing concerns over price volatility and market manipulation.
Dr. Malik concluded by stressing the importance of scientific research and innovation for sustainable economic progress and urged national unity to drive Pakistan’s development forward.
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