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August 9, 2020

PSO importing Euro-V fuel to meet oil switch deadline

Business

August 9, 2020

ISLAMABAD: Pakistan State Oil has become the first oil marketing company in the country to import better grade fuel (Euro-V) to reduce emissions from light passenger and commercial vehicles, an official said on Saturday.

The spokesperson of petroleum division said PSO started to import Euro-V standard fuel into the country.

“PSO is first OMC to initiate the process of importing Euro-V petrol,” he said in statement.

“This move will enable country to import better quality fuel and primarily aims at protecting the environment from climate change and global warming.”

The petroleum division of the ministry of energy formulated policy guidelines for switching of petrol imports to Euro- V specifications from August this year and all imports of diesel will be conformed to Euro- V standard by January next “to revolutionise the fuel mix of the country”.

“This policy guideline has been shared with the Oil and Gas Regulatory Authority for implementation and ensuring import of Euro-V petrol and diesel in line with deadlines set by the federal government,” he said.

“Euro-V petrol will help to cut down the sulphur content to avoid the air pollution but also improve the health of vehicles that have been affected by low-quality fuel.”

The European Union (EU) has implemented Euro-V standard for motor vehicle fuel (both diesel and petrol) since January 2009.

The major difference between Euro IV and Euro-V motor vehicle fuels is the tightening of the cap on sulphur content from 0.005 to 0.001 percent.

The Hydrocarbon Development Institute of Pakistan has also set up testing labs for the examination of Euro- V fuels specifications before OMCs begin importing the upgraded version of petrol and diesel in the country.

The government is encouraging private OMCs to introduce better grade fuel to protect the environment.

State-owned PSO also took the lead in providing electric charging facility at one of its fuel stations in the federal capital.

Total import bill of fuel group dipped 27.84 percent year-on-year to $10.4 billion in 2019/20.

Of these, petroleum product imports declined 24.54 percent in value despite increasing by 3.7 percent in quantity, according to Pakistan Bureau of Statistics. Similarly, import of crude oil decreased 40.4 percent in value and 24.54 percent in quantity.