Minister for Economic Affairs Ahad Cheema says that the government’s proposed move to deregulate oil prices is under consideration and the cabinet is expected to approve the policy soon.
According to the Ministry of Economic Affairs, a delegation from Parco Gunwar Limited and Gunwar Group met Federal Minister for Economic Affairs Ahad Cheema, during which cooperation in the energy and petroleum sectors, reforms and upgradation of refineries were discussed.
The delegation included Gunvor Group’s Head of Portfolio Shahab Richayal, Corporate Affairs Director Thomas Petras and Kashif Mayo.
During the meeting, Cheema said that refineries are being upgraded to increase the efficiency and competitiveness of the petroleum sector, while the Gunvor Group expressed its desire to cooperate in developing Pakistan’s refineries on modern lines.
According to the Group, Parco Gunvor Limited is expanding its business network in Pakistan, and said that deregulation will promote healthy competition among oil marketing companies
The Federal Minister for Economic Affairs assured of providing a conducive environment for business activities and investment in the country.
He said that the government is further strengthening the PSO through institutional and administrative reforms, while reforms in OGRA and the petroleum sector will continue to promote transparency, competition and investment.
