Government’s decision to increase strategic reserves of petroleum products

The caretaker government has decided to increase strategic reserves of petroleum products.

According to sources in the Petroleum Division, the government’s decision to increase the strategic reserves of petroleum products was decided due to the situation in the Middle East.

According to sources, Pakistan imports fuel but there is an urgent need to increase storage capacity, strategic petroleum product reserves will be kept by PSO.

Sources say that currently petroleum companies in the country are required to store petroleum products for 21 days, the government wants strategic petroleum reserves to be for a period of at least 3 months.

Sources in the Petroleum Division say that the final reserves and duration can be determined only after a careful assessment of the country’s needs, for which the government has decided to develop a framework.

According to sources, the Oil and Gas Regulatory Authority (OGRA) will immediately prepare a new framework regarding strategic petroleum reserves with the help of international experts. In the new framework, domestic crude oil, refined petroleum requirements and storage will be determined. The new framework will also determine the duration of strategic petroleum reserves of various products.

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