Volatile global energy prices: Tarin asks MoE to adopt 'forward planning'

Islamabad: Federal Minister for Finance Shaukat Tarin Tuesday asked the Ministry of Energy to adopt forward planning while dealing with the volatile energy prices in the international market.

The finance minister held a meeting with the Federal Minister for Energy, Hammad Azhar, and SAPM on Power and Petroleum Tabish Gauhar, whereas, Secretary Power, Secretary Finance Division, and other senior officers participated in the meeting.

The finance minister urged to adopt forward planning, while dealing with the volatile energy prices in the international market. He also emphasised the importance of risk hedging to dampen the impact of recent fluctuations in global prices of crude oil and petroleum products, particularly, due to supply side disruptions amid Covid-19 pandemic.

Tarin also stressed upon exploring cost-effective options such as renewable sources of energy for a sustainable energy equation by reducing reliance on expensive power producing plants in order to make the energy sector dynamic and sustainable.

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While speaking on the occasion, Azhar briefed the participants about growing demand for energy, installed generation capacity, transmission capability and also outlined steps being taken for improving transmission and distribution systems for reducing costs and ensuring sustainability.

In his concluding remarks, the finance minister stated that the present government is cognizant of its obligation to fulfill energy requirements at affordable rates for electricity consumers. To this end, the government is taking all possible measures to meet future energy demands. Tarin assured full support and facilitation to the energy sector on the occasion.

Copyright Business Recorder, 2021