ISLAMABAD
Caretaker federal govt has decided to increase the strategic reserves of petroleum. According to media reports, the caretaker government has decided to increase the strategic petroleum reserves due to the situation in the Middle East, the strategic petroleum reserves will be kept by PSO. Report quoted petroleum division sources as saying that there is an urgent need to increase fuel storage capacity. According to the sources, petroleum companies have to store petroleum products for 21 days, the government wants the strategic petroleum reserves to be for a period of at least three months, however, the final reserves and the period can be determined only after a careful assessment of the country’s needs.
Sources said that the government has also decided to prepare a framework for strategic petroleum reserves and OGRA will immediately prepare a new framework with the help of international experts.
New framework will determine domestic crude oil, refined petroleum requirements and storage, the new framework will also determine the duration of strategic petroleum reserves of various products.
