The recent staggering increase of Rs 55 per liter in petrol and diesel prices has pushed inflation to a dangerous level, prompting demands for the government to make immediate and wise decisions to save the country’s poor from further economic burden.
Pasban Democratic Party (PDP) Chairman Altaf Shakoor said in a statement today that the ongoing tensions in the Middle East have starkly exposed Pakistan’s economic vulnerability, due to its immense reliance on global energy markets. He argued that an economy already grappling with inflation and balance of payments issues cannot afford the severe fluctuations that rock the global oil market.
Addressing a meeting of the Pasban Executive Committee yesterday, Shakoor stressed that Pakistan is not a resource-deprived country. He pointed to geological surveys indicating large, undiscovered reserves of oil and natural gas in Sindh, Balochistan, and Khyber Pakhtunkhwa, as well as vast hydrocarbon potential in the offshore areas of the Arabian Sea.
The PDP chairman lamented that in recent years, local oil and gas production has stagnated or declined, deepening the country’s reliance on imports, which cost billions of dollars annually. He identified inconsistent policies, bureaucratic hurdles, and regulatory issues as key factors that have discouraged both local and foreign investors from exploring and developing these national assets.
To reverse this trend, Shakoor emphasized the need for policy continuity, transparent licensing, and an investor-friendly environment to attract serious investment in the energy sector. He urged the government to use modern seismic surveys and advanced technology to accurately assess the country’s onshore and offshore reserves.
Furthermore, he stressed the need to enhance the capacity of pipeline networks, storage facilities, and refineries. He said that such measures would not only strengthen energy security but also create significant employment opportunities and stimulate industrial growth.
In conclusion, Altaf Shakoor advocated for a balanced energy policy that also promotes renewable sources such as solar, wind, and hydropower. However, he maintained that hydrocarbons would remain a crucial part of Pakistan’s energy mix for years to come, making increased local production imperative. He said that recurring global energy crises teach a vital lesson: nations must have strong political will and consistent policy to reduce their dependence on imported energy.