The petroleum division of the Government of Pakistan (GoP), in an effort to put a stop to the illegal trade of petroleum products and ensure compliance with international standards, has requested the Cabinet Committee for Disposal of Legislative Cases (CCLC) to allow the suggested amendments to the Petroleum Act 1934.
Reports suggest that the petroleum division has submitted its suggestions for changes in the Petroleum Act 1934 for the CCLC’s deliberation, and are hoping to get a positive response. The sources also told the media that once the amendments are incorporated, the federal cabinet is also likely to approve the amended act as a new law regulating petroleum products.
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As per the reports, the amendments focus on putting a stop to the illegal sale of petroleum products in the country, ensuring check and balance upon the avoidable fire incidents caused by petroleum cargo, assuring compliance with the international standards of production, and increasing the penalty amount up to Rs. 10 million in case of a fatal incident.
As per the reports, CCLC will announce the verdict in this regard during its next meeting. Sources told the media that there is a great likelihood that the CCLC will approve the said amendments.
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Ín a relevant development, the sales of petroleum products went up by a significant 11% in October 2020 as compared to the previous month, with 1.7 million tons of petroleum products sold, recording the highest sales volume in 2 years.
