A committee addressing petroleum sector challenges has proposed a new fuel price adjustment mechanism for gas bills, similar to the system used for electricity.
This proposal emerged from a meeting led by Deputy Prime Minister Muhammad Ishaq Dar, where the committee reviewed the challenges faced by exploration and production (E&P) companies in the petroleum sector.
The meeting was attended by ministers of petroleum, finance, and energy, as well as other public and private sector representatives.
He stressed the critical role of the energy sector in driving economic growth and underlined the necessity of supporting both local and international companies to foster further investment.
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Heads of exploration and production (E&P) companies voiced concerns about the sector’s security and stability, citing increasing circular debt. Private sector members of the committee also advocated for opening the downstream gas sector to private companies to enhance its stability.
The forum directed the Petroleum Division to suggest changes to the OGRA Ordinance for monthly or quarterly gas rate adjustments. It also instructed the Interior Division to enhance security for E&P operations and establish a one-window facility for federal and provincial security measures.
