Islamabad May 30 2023: Minister of State for Petroleum Musadek Malik has clarified that the arrival of Russian oil will not reduce oil prices in the country.
Speaking at the Pakistan Energy Conference on Zoom, Musadik Malik said that Russian oil will reach Pakistan in two weeks time and petroleum prices will be lower once we import more cargoes of Russian oil.
The Minister of State said that wherever cheap oil is available in the world, we will buy it while trying to avoid restrictions in order to meet country energy needs.
He further said that government will soon bring in tight gas policy to resume oil and gas exploration activities in the sea. At the same time, the government is considering to reopen the closed gas wells and to make that possible we have to incentivise oil and exploration companies.
