September 26, 2018: Federal Minister for Petroleum and Natural Resources, Ghulam Sarwar Khan has said that the government would revive and implement new petroleum policy besides expediting works on Iran-Pakistan pipeline project and Turkmenistan–Afghanistan–Pakistan–India Pipeline (TAPI).
The minister said that as per the vision of Prime Minister Imran Khan, the present government is working on redrafting the petroleum policy under which a principal change would be made to make a uniform policy for oil, gas, LPG, and LNG. He said that after five years, the present government would present five new blocks for exploration through open bidding soon.
The minister said that in the past, such blocks were allotted to the state-owned exploration company OGDCL but to ensure competition and good results, these blocks located in Baluchistan, Sindh, and KP would be offered through open bidding to national and international exploration companies.
He said that work is in progress on 40 blocks and by exploration five new blocks of remarkable oil and gas reserves could be fetched.
Rejecting the impression made by some sections of media that present government has dropped “gas bomb” over masses, he clarified that that gas prices had been increased by 10 to 20 percent for majority of the consumers using 50-200 cubic meter of gas per month, having an impact of less than hundred to few hundred rupees on most of the low-income people. He said this 10 to 15 percent increase is made to meet the deficit of Rs.152 billion facing gas supply companies i.e SSGC and SNGPL.
The minister said the 23 percent consumers used the gas network system and 60 percent consumers used Liquefied Petroleum Gas (LPG) while the price of LPG cylinder has reduced from Rs1, 600 to Rs1, 400 to benefit the 60 percent of consumers.
Subsidized LNG worth billions of rupees would be provided to the export-oriented industry so that it could remain competitive and millions of people who lost jobs would get back employment in the textile sector, the minister said.