Federal Minister for Petroleum, Ali Pervaiz Malik, has made a significant statement acknowledging a major decrease in gas demand across the country, signaling a shift in Pakistan’s energy landscape. He addressed this situation in the context of the sector’s previously dire financial state, emphasizing the urgent need to manage the changing dynamics.
Speaking on Geo News’ program ‘Aaj Shahzeb Khanzada Ke Saath,’ Ali Pervaiz Malik stated that when the current government took charge, the gas sector was in a severely poor condition, with gas import bills reaching $6 billion in the preceding month.
Honouring Contracts and Alternative Energy:
The Petroleum Minister stressed that the government honored every agreement even when prices were high, but the situation has now changed. He asserted, “We cannot afford to incur losses of two to two hundred and fifty billion rupees every year in the gas sector.” The reliance on gas is diminishing because Pakistan now has operational coal and other fuel plants, alongside a significant increase in solar energy adoption.
- He mentioned that currently, 10,000 to 12,000 megawatts of electricity are being generated from solar sources, reducing the dependency on gas.
- He also conceded that the gas sector has incurred losses amounting to PKR 1 trillion in the last few years.
The Minister assured that the government will continue to honor its contracts but is actively seeking to find a better way to handle the current situation. He also noted that the economy has achieved stability within the IMF framework, and upgrading the country’s refineries is indispensable for reducing air pollution.
