ISLAMABAD: The government is going to release oil prices, allowing oil marketing companies (OMCS) to sell competitive fuels while maintaining a prices ceiling to ensure market stability.
In an attempt to reduce fuel costs and boost market efficiency, the government also plans to allow oil refineries to combine up to 5% ethanol into oil products to attract energy -efficiency, The news reported.
Speaking at the annual oil and gas conference in Islamabad, Musadik Malik Minister Musadik Minister underlined Pakistan’s weaknesses in offshore oil and gas exploration, noting that only 18 wells have been pierced in the last 60 years.
In response, Pakistan announced the auction of 40 offshore exploration blocks with 31 land bloc to boost domestic energy production, he said.
The Council of Common Council (CCI) is expected to approve a tight gas policy at its upcoming meeting. Efforts are also being made to develop tight gas resources, with Limited Petroleum and Natural Gas Development Company (OGDCL) recently discovering a natural gas reserve.
The minister further revealed that Pakistan is promoting the renewable and alternative efforts of energy, focusing on green hydrogen (oxygen) and blue hydrogen (ammonia). He added that a biofuel policy is expected to be approved soon.
“These initiatives will play a crucial role in the country’s transition to sustainable energy solutions,” he said.
Malik warned that the rapid melting of glaciers could seriously affect the Pakistani channel system, underlining the importance of integrating environmental viability into all energy initiatives. He reiterated the need to rely more on domestic resources to ensure long -term stability.
The oil minister criticized bureaucratic ineffectiveness and called for more private dependence on the private sector. He stressed that significant economic reforms demand that they be removed from outdated governance models.
He described three main goals for the energy sector: ensuring energy availability for the public, making consumer energy accessible and ensuring the viability of energy supplies.
The minister underlined the importance of moving forward beyond a rigid, bureaucratic approach, saying: “If we want to develop, we must abandon a culture of ineffectiveness and embrace future thought policies.”
He called on Pakistan to cultivate a mentality of innovation and unity to make progress.
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