Federal Minister for Petroleum Announces Deregulation of Oil Sector with Price Cap
Federal Minister for Petroleum, Dr. Musaddiq Malik, has announced the deregulation of the oil sector, stating that it will be done with an initial price cap.
In his statement, Dr. Malik mentioned that oil marketing companies will now compete to gain more market share by selling cheaper petrol and diesel, which he believes will ultimately benefit the common man.
The Minister highlighted that the government is currently working on three major aspects in the energy sector: ensuring energy access for the entire population, delivering energy prices to the public, and focusing on the sustainability of energy. He also emphasized the government’s focus on increasing local production and ensuring that energy is affordable for the public.
Dr. Musaddiq Malik further shared that the Biofuel Policy is expected to be announced soon, and the Tight Gas Policy will be approved in the upcoming meeting of the Council of Common Interests.
