KARACHI: Former President ICCI Shahid Rasheed Butt has said that trading community full support move of the government to liberalise the gas sector by allowing the private sector to establish terminal and start importing LNG.

Talking to the business community on Saturday, he said the decision will ensure availability of gas on economical rates while supply will not be disrupted unnecessarily.

Butt said that the gas sector will become more transparent which is necessary for improved economic activity and bringing an end to gas sector circular debt.

Butt said that the government could not tame the energy sector as intended while a shortage in winter and high price of LNG has trigger protests, therefore, it has decided to liberalise the gas market. "The regulator has allowed two companies to establish their LNG terminals while two more companies have been allowed to import LNG and transport it across the country through tankers," he said.

"The companies establishing terminals will use the idle capacity of existing terminals unless their project is completed which will help the government save billions as it has to pay to terminal operators under the contract. The move of the government may force state-run gas companies to become efficient and transparent to keep their customers and it will end the gas sector circular debt," he said.

The business leader said that Ogra had repeatedly failed to safeguard the interests of masses, therefore, reforms should be introduced coupled with improved regulations so that it can take proper action if the private sector try to form a cartel to skin masses, he demanded.

He also criticised the government for repeatedly increasing price of petroleum products which is squeezing space for masses.