As tensions in the Middle East continue to soar, the caretaker government Sunday decided to increase its strategic petroleum reserves, sources in the Petroleum Division said on Sunday.
The government’s decision comes in the wake of Israel’s war on Gaza and its trickle-down effect across the Middle East. According to the sources, there is an urgent need to increase the storage capacity of petroleum reserves as Pakistan imports its fuel from other countries.
The final reserves and the duration of how long they can last can only be determined after a thorough assessment of the country’s requirements, the sources added. The sources also mentioned that the government, through the Oil and Gas Regulatory Authority, has decided to develop a framework for the strategic petroleum reserves.
