Govt working on formula to cut power rates: petroleum minister

The government has decided in principle to create a blended gas pricing mechanism by abolishing the ring-fenced Liquefied Natural Gas (LNG) pricing and merging it with wellhead and pipeline quality natural gases to scale down power rates and provide a level playing field to all consumer categories. This was stated by Minister for Petroleum Dr Musadik Malik while talking to journalists. He said the government was at an advanced stage of striking an investment deal on the Reko Diq project and would reach a decision soon on the setting up of a greenfield refinery worth over $10 billion for production of petroleum products and petrochemicals on the 50:50 basis.