Ministry of Petroleum Ordered to Enhance Storage Capacity for Fuel

The Cabinet Committee on Energy (CCOE) was apprised on Friday that sufficient stocks of all petroleum products are available in the country, however, due to the pandemic, petroleum products have witnessed a sharp decline in demand.

Federal Minister for Planning, Development, and Special Initiatives Asad Umar chaired a meeting of the Cabinet Committee on Energy (CCOE) which directed the relevant Ministry to take necessary steps to enhance the national storage capacity of petroleum products.

CCOE reviewed the progress of the Central Power Purchasing Authority (CPPA) on the introduction of a new competitive trading based energy market. The committee was informed that various actions required for the development and introduction of the new market system are being undertaken as per the given timelines.

CPPA also briefed the CCOE on the next steps in the process. While emphasizing the timely completion of the reform process, the CCOE directed the authority to ensure that inputs from all the stakeholders including the current participants in the energy market are received.

The Committee also directed the concerned authorities to regularly report the implementation progress on the introduction of the competitive bilateral trading market system in Pakistan’s energy market.

The CCOE was informed that in order to maintain transparency and uniformity in data related to circular debt, a new format of reporting had been in consultation with NEPRA.

The Committee also directed NEPRA to ensure the accuracy and integrity of data on circular debt. Federal Minister for Railways Sheikh Rasheed, Advisor on Finance Hafiz Sheikh, Federal Minister for Petroleum Umar Ayub, Minister for Maritime Affairs Ali Zaidi, and SAPM on Petroleum Nadeem Babar were also present.

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