Rabbani demands parliamentary debate on oil price deregulation

ISLAMABAD: Former Chairman of the Senate, Mian Raza Rabbani, strongly objected to the government’s plan to deregulate oil prices without consulting relevant stakeholders or taking Parliament into confidence. He called for a national debate on this policy in Parliament. “Deregulation is handing over control of the country’s oil market to foreign entities, jeopardizing national security,” he stated, condemning the government’s plan.

He asserted that the policy should be discussed with relevant stakeholders and presented to Parliament for a national debate before implementation. Raza Rabbani argued that Pakistan lacks the oil storage capacity required for a free market, which would allow foreign cartels to dominate the market. He expressed concern that Pakistani oil refineries, lacking the financial capacity to compete with strong foreign players, would be forced to shut down. He emphasized that oil is vital to national security and that such deregulation would have strategic ramifications. Raza Rabbani accused the federal government of jeopardizing the country’s energy security to appease vested interests. He further stated that the deregulation of petroleum prices affects all federating units and such policy decisions should be placed before the Council of Common Interests.