Business
Caretaker govt to increase strategic reserves of petroleum
The strategic petroleum reserves will be kept by Pakistan State Oil (PSO).
Islamabad: The caretaker federal government has decided to increase strategic reserves of petroleum.
According to media reports, the caretaker government has decided to increase strategic petroleum reserves due to the situation in Middle East.
The strategic petroleum reserves will be kept by Pakistan State Oil (PSO).
According to the petroleum division, there is an urgent need to increase the fuel storage capacity. Petroleum companies have to store petroleum products for 21 days.
The government wants strategic petroleum reserves of at least three months. However, the final reserves and duration can be determined only after careful assessment of the country's needs.
It has been reported that government has also decided to prepare a framework for strategic petroleum reserves and Oil and Gas Regulatory Authority (OGRA) will immediately prepare a new framework with the help of international experts.
The new framework will determine domestic crude oil, refined petroleum requirements and storage. It will also determine the duration of strategic petroleum reserves of various products.