Islamabad: The committee established to address issues in the petroleum sector has directed the introduction of a fuel price adjustment system in gas bills.
A meeting of the committee, chaired by Deputy Prime Minister Muhammad Ishaq Dar, was held to discuss the issues faced by exploration and production (E&P) companies in the petroleum sector.
The meeting was attended by the Ministers of Petroleum, Finance, Revenue, and Energy, as well as other members from the public and private sectors.
The Deputy Prime Minister emphasized the importance of the sector for energy security and economic development and expressed a commitment to taking every possible step to facilitate both local and foreign companies, which would help attract further investment.
Heads of local and foreign exploration and production (E&P) companies highlighted concerns regarding the sector’s security and stability due to rising circular debt.
Private sector members of the committee also expressed concerns about the downstream gas sector and emphasized the need to open the sector to private companies to improve its stability.
The forum directed the Petroleum Division to propose appropriate amendments to the OGRA Ordinance to introduce a mechanism for monthly or quarterly adjustments in gas rates.
Regarding security issues, the forum instructed the Interior Division to work closely with E&P companies and other stakeholders.
The committee assigned the Interior Division the responsibility to develop a federal and provincial one-window facility system to ensure security for operations in challenging areas.