45 oil marketing companies to import petrol, diesel

ISLAMABAD: Prime Minister Shahid Khaqan Abbasi approved the new petroleum policy on Wednesday and its implementation had started across the country.

The premier took a historical decision to deregulate the prices of petroleum products and ended the monopoly of PSO on its export from November 1, 2017 and allowed 45 oil marketing companies of Pakistan forthwith to import petrol. The 45 oil marketing companies of private sector were given permission to import diesel from Dec 1. 

Under the new policy announced by the PM, PSO will import kerosene oil while the authority of importing furnace oil, which is used in the power plants of Wapda, will remain with the government sector. PSO will also import jet fuel.

The 45 private oil marketing companies have started opening Letters of Credit (LC) for the import of petrol from November 1, will also import diesel from December 1. There will be no shortage of petroleum products in the country due to the new policy, and consumers will get petrol and diesel from the open market with minimum price like US, Europe and other countries after deregulation of petroleum products. 

Under the policy, it is made mandatory for the 45 oil marketing companies to keep stock of petroleum products for 20 days, otherwise their licence will be cancelled and the prime minister has given this power to Ogra. Each company is bound to put fuel marker in the imported oil within six months to stop adulteration.  Pakistan Petroleum Dealers Association has appreciated the new petroleum policy.