In order to maintain market stability, the government plans to deregulate the pricing of petroleum products, enabling oil marketing companies (OMCs) to sell fuel competitively while keeping a price cap.
The government also intends to allow oil refineries to include up to 5% ethanol into petroleum products in an attempt to lower fuel prices and improve market efficiency, which will draw in investment and solve inefficiencies in the energy sector, according to The News.
Petroleum Minister Musadik Malik highlighted Pakistan’s deficiencies in offshore oil and gas exploration during his remarks at the annual Oil and Gas Conference in Islamabad. He pointed out that, compared to the discoveries made by neighboring nations, just 18 wells have been dug in the past 60 years.
