ISLAMABAD: The Pakistan Economy Watch (PEW) said on Sunday energy crisis cannot be resolved in absence of a pragmatic petroleum policy based on ground realities.
Energy crisis would continue to hold economy as hostage and frustrate all attempts to provide jobs to youth unless contained through serious efforts, it said.
Demand of the natural gas has been rising since years while production cannot be enhanced satisfactorily due to lack of transparency, objectionable practices of gas explorers, inadequate incentives, red tapes and legal problems, said Dr Murtaza Mughal, President PEW.
He said that genuine gas exploration firms were not getting backing of the government they deserved, while gas import had remained high on agenda of policymakers.
Mughal said that imported gas would be up to 300 per cent costlier than the locally extracted gas for which no government or business but masses would have to pay.
He said that policy of accepting costly imported gas while ignoring locally available gas was beyond understanding.
Dozens of unfeasible gas fields will come online if prices are rationalized and gas companies are convinced to end scuffle to pave way for teamwork, he said.
President PEW said that an acceptable petroleum policy would attract local and foreign investors and improve production that was around 30 per cent less than the actual demand.
He said that theft of energy had increased with no satisfactory action and consumers were not being educated to ensure efficient use of resources.