The gas prices would not be increased this winter, said Federal Minister for Petroleum Musadik Malik.
The minister also said that there would be no need of buying spot LNG cargos as well.
Musadik Malik also said that four or five government teams were currently working on providing relief in electricity prices.
Musadik Malik made this announcement during informal talk with the reporters in Islamabad on Wednesday.
He mentioned that separate teams are addressing issues related to electricity prices, Gencos (power generation companies), circular debt, and capacity payments. He expressed hope that the relief package they introduce will provide some relief to the public.
Musadik Malik also said that there would be a significant challenge in gas supply during the winter, as the reduced electricity consumption in the colder months poses a major issue.
He emphasized the need to increase electricity consumption in winter, stating that efforts are underway to achieve this. He explained that if electricity prices are lowered while gas prices are increased, it could lead to higher electricity consumption during winter.
He suggested that if heaters and stoves are switched from gas to electricity, capacity payments could be avoided during the winter months.
The Petroleum Minister also shared that he meets with Saudi delegations every 10 days and that a commercial report for the Green Refinery will be released in December.
He pointed out that the global demand for petrochemicals is increasing, and the Greenfield Refinery would comprise 50% petrochemicals and 50% petroleum.
Regarding the Reko Diq project, he mentioned that they were moving it to an advanced stage and were bound by a non-disclosure agreement, but positive news would be shared soon.
The Federal Minister also said that a report on solar energy would soon be presented to the Prime Minister and dismissed claims of an $18 billion penalty related to the IP gas pipeline as incorrect.
He clarified that no estimation of a penalty on Pakistan regarding the IP gas pipeline had been made yet.
The PML-N leader emphasized that the solution to Balochistan’s issues was not limited to Reko Diq but should also address the needs of the local population. He stressed the importance of finding a political solution to Balochistan’s problems, acknowledging external interference in the province.
He added that all companies in the Frontier Region are provided security according to established protocols.
Musadik Malik reiterated that gas prices would not increase next winter, assuring that there would be no price hike and expressing strong confidence that there would be no need to purchase spot LNG cargos.
