ISLAMABAD: The Petroleum Division on Friday announced that all five oil refineries in Pakistan are ready to sign agreements for their upgradation.
The agreements are expected to be signed at the beginning of next month, according to the Petroleum Division.
The refinery upgradation programme is expected to attract more than $6 billion in investment and strengthen the country’s energy security.
Federal Minister for Petroleum Ali Pervaiz Malik held separate meetings with the management of all five oil refineries, during which the refinery policy, financial performance and broader energy security situation were reviewed.
The minister said modernising the country’s refineries was essential for the long-term sustainability of the sector.
He said the upgradation would enable Pakistan to produce Euro-5 standard fuels and help reduce the country’s reliance on imported petrol and diesel.
Ali Pervaiz Malik said increased local production of petrol and diesel could also help bring down fuel prices, while reducing the pressure on the country’s import bill.
The minister assured refinery operators that the government would continue to facilitate the industry in resolving policy-related issues and support measures aimed at modernising the sector.
Meanwhile, the management of Pakistan Refinery Limited (PARCO) briefed the petroleum minister on progress regarding the proposed Oil City in Hub.
Latest fuel prices
The prices of petroleum products were decreased, according to a notification issued by Oil & Gas Regulatory Authority (OGRA) on Thursday.
The petrol price was cut by 50 paisa per litre, bringing the new petrol price to Rs342.60 per litre.
The price of high-speed diesel was reduced by 19 paisa per litre. The new price of high-speed diesel had been fed at Rs371.61 per litre.
Earlier, the Economic Coordination Committee (ECC) in Pakistan approved an increase in the dealers’ margin on petrol and diesel by Rs.1.34 per litre, in a move aimed at addressing demands from fuel station operators.
About The Author
