The government of Pakistan is planning big changes in the petrol sector to make fuel more affordable for the public. Federal Minister for Petroleum, Musadik Malik, has announced that the oil sector will be partially deregulated. This means that oil marketing companies (OMCs) will have more control over setting fuel prices, which could lead to lower petrol and diesel rates.
How Will This Work?
The government will introduce a price cap to ensure that fuel remains affordable while allowing oil companies to compete. Companies will be encouraged to offer petrol and diesel at lower prices to attract more customers. This competition could result in cheaper fuel for consumers across Pakistan.
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Biofuel Policy Coming Soon
The government is also working on a new biofuel policy, which will be revealed soon. This policy could bring alternative fuel options that are more environmentally friendly and help reduce dependence on imported oil.
New Gas Exploration and Regulations
In another major step, Pakistan is offering 71 new blocks for oil and gas exploration after a decade. This move aims to boost local production and reduce reliance on expensive fuel imports. Additionally, a new policy for tight gas is expected to be approved in an upcoming meeting of the Council of Common Interests (CCI).
Ensuring Fair Prices and Availability
To make sure that fuel prices remain fair and that there is no shortage, the Oil and Gas Regulatory Authority (OGRA) and the Competition Commission of Pakistan (CCP) will monitor the market. Their role will be to prevent any unfair pricing or market manipulation by oil companies.
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