Local-Level Oil Exploration Begun to End Reliance on Strait of Hormuz: Federal Minister
ISLAMABAD: Federal Minister for Petroleum Ali Pervaiz Malik has said that the government has accelerated exploration of domestic oil and gas reserves in order to reduce the country’s energy dependence on the Strait of Hormuz. He stated that the new mechanism for pricing petroleum products would put an end to unjust profiteering and provide relief…
ISLAMABAD: Federal Minister for Petroleum Ali Pervaiz Malik has said that the government has accelerated exploration of domestic oil and gas reserves in order to reduce the country’s energy dependence on the Strait of Hormuz. He stated that the new mechanism for pricing petroleum products would put an end to unjust profiteering and provide relief to consumers.
The federal minister said that given rising global tensions, increasing reliance on alternative energy sources and local resources has become an urgent necessity. He clarified that under the new policy, the price-setting process would be made more transparent to prevent the exploitation of consumers.
He further added that the government is also focusing on promoting investment in the energy sector and using modern technology to discover new reserves, in order to reduce reliance on imported oil in the future.
