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Pakistan to Introduce Fuel Price Deregulation Policy: Musadik Malik
ISLAMABAD: Pakistan’s Minister for Petroleum, Dr. Musadik Malik, announced on Tuesday that the government will soon introduce a deregulation policy for fuel prices, aimed at encouraging competition among oil companies.
Deregulation for Market Competition Speaking at the Global Oil and Gas Conference, Malik explained that the government plans to move forward with deregulation in the petroleum sector. The objective is to allow oil companies to compete by offering cheaper fuel to capture market share, benefiting consumers through better pricing options.
Government’s Regulatory Oversight While promoting deregulation, the minister assured that the government would maintain a regulatory cap to safeguard consumer interests and prevent price manipulation.
Focus on Local Resources and Growth Malik emphasized the importance of utilizing local resources and advancing electrification to drive growth in the sector. He also stressed the need for the government to exit the business sector, pointing to continued privatization efforts, including for Pakistan International Airlines (PIA).
Sectoral Reforms and Innovation The minister highlighted upcoming changes in the oil and gas sector, with a new gas policy soon to be approved by the Council of Common Interests. Additionally, progress on green and blue hydrogen projects is underway, and a biofuel policy is expected to be approved shortly.
Commitment to Sustainable Development Dr. Malik urged the nation to focus on scientific research and innovation for sustainable development, stressing that relying on imported machinery alone would not drive long-term progress.
Energy Policy Vision The minister concluded by outlining the government’s energy policy, which centers on ensuring energy accessibility, affordability, and sustainability for the country’s growth.