Minister for Petroleum Dr Musadik Malik has claimed the ‘Bonded Bulk Storage Policy 2023’ will end the hoarding and as such artificial shortage of petroleum products in the country.
Addressing a press conference on Wednesday, he said that the policy recently approved by the ECC will also reduce pressure on foreign exchange reserves.
The minister said that the government will direct oil marketing companies (OMCs) to arrange fuel from local sources in case of a delay in receipt of the foreign cargo.
“The policy will allow traders to perform transaction either in rupees or dollars. Giving option of transaction in local currency will ease pressure on foreign exchange reserves”, he said.
Dr Musadik Malik confirmed that the second shipment of Russian oil has reached Karachi port.
He said that the processing of oil from the first shipment has revealed that the Russian oil was suitable for local refineries. He said that an agreement has been signed with Azerbaijan for supply of gas at cheaper rates during winter season. He said that Azerbaijan will send gas shipment every month in the winter season and Pakistan has the option to reject it on not agreeing on the price.
Earlier, Finance Minister Ishaq Dar announced that the ECC of the cabinet has approved the ‘Bonded Bulk Storage Policy 2023’ for petroleum products.
ECC approved “Bonded Bulk Storage Policy 2023” for petroleum products.
Another Govt’s commitment fulfilled with people of Pakistan that was made through Budget FY24 speech of 9June23 in National Assembly of Pakistan.
State Minister for Petroleum will share detail through presser.— Ishaq Dar (@MIshaqDar50) June 28, 2023
In a tweet, he stated that “another govt’s commitment fulfilled with people of Pakistan that was made through Budget FY24 speech of 9June23 in National Assembly of Pakistan. State Minister for Petroleum will share detail through presser.”
