Islamabad: Deputy Prime Minister Muhammad Ishaq Dar has announced that action plans should be developed to address the challenges faced by the petroleum sector in order to ensure energy security and economic growth.
The Deputy Prime Minister expressed these views while presiding over the first meeting of the committee established to address the issues faced by E&P (Exploration and Production) companies in the petroleum sector.
During the meeting, a decision was made to adjust gas prices on a monthly or quarterly basis. Additionally, the heads of local and foreign E&P companies informed the meeting about concerns related to the security and stability of the sector due to the rising circular debt.
Private sector members of the committee also expressed concerns regarding the downstream gas sector and emphasized the need to open up the sector to private companies to enhance its stability.
After detailed discussions, the Petroleum Division was instructed to work closely with the industry and other stakeholders. The forum also directed the Petroleum Division to propose appropriate amendments to the OGRA Ordinance to introduce a mechanism for adjusting gas prices on a monthly or quarterly basis.
