Federal Minister for Petroleum, Musadik Malik, has announced a major decision to open Pakistan’s oil sector, aiming to bring fuel prices down, 24NewsHD TV Channel reported.
Speaking on Wednesday, Musadik Malik stated that the government is partially deregulating the oil sector by introducing a price cap, allowing companies to compete while ensuring affordability for consumers.
He explained that oil marketing companies will now have to offer cheaper petrol and diesel to capture a larger market share, ultimately benefiting the common man.
The petroleum minister also revealed that the government is working on a biofuel policy, which will be announced soon. Additionally, the tight gas policy is expected to be approved in the upcoming Council of Common Interests (CCI) meeting.
With this landmark decision, fuel prices in Pakistan may witness a significant reduction, offering relief to millions of consumers struggling with rising living costs.