Govt deregulates diesel after petrol, HOBC

ISLAMABAD: Petroleum Division of Ministry of Energy on Saturday deregulated diesel after petrol and HOBC. The approval of deregulation of these petroleum products was given in the first week of October during meeting of Economic Coordination Committee of Cabinet (ECC) which was headed by Prime Minister Shahid Khaqan Abbasi.
A notification has been issued in this regard. Deregulation of petrol was carried out from 1st November, 2017 and now due to holiday of Eid Miladun Nabi (SAW) on December 1, diesel was deregulated from December 2, 2017 and because of this step, there will be no shortage of diesel and petrol across the country. This has ended monopoly of the PSO in the import of petrol and diesel.
Several oil marketing companies including Shell, Zoom, Total, Parco, Hascol and other companies have started opening Letter of Credit (LC) for import.
The consumers will get petrol and diesel in abundance and there will be no shortage of these commodities in the country. This will also set separate prices of diesel and petrol in different parts of the country. The oil companies have been allowed to store petrol and diesel for 20 days instead of 5 days.