Byco resumes production

KARACHI: Byco Petroleum Pakistan Limited (BPPL) on Friday said it has resumed production on improved demand of products in the local market.

In late march, the ministry of energy had issued an order to stop all import of petroleum products to oil marketing companies to ensure that domestic refineries products are fully consumed.

Fayaz Ahmad Khan, vice president of commercial at BPPL said Byco has resumed production at its oil refinery due to improved POL demand across the country.

“We request the government to kindly abolish the IFEM (Inland Freight Equalization Margin) deregulating the pricing of petroleum products. This will allow market players to compete on prices and services, and save consumers money,” Khan said.

He thanked the ministry for its support to the E&P and refining sectors by halting the import of petroleum products since April 1. “Byco is hopeful that the ministry can continue to facilitate improving demand for products so that we can raise our capacity utilization through firm consistent orders from OMC’s.” Demand for petroleum products had earlier dwindled in Pakistan as a result of the closure of all schools in the country and the subsequent nationwide lockdowns. Byco had put its refinery in ‘cold circulation’ earlier due to drying up of demand.