LAHORE: Musadik Malik, State Minister for Petroleum, said on Wednesday that the government had introduced bonded bulk storage policy to eradicate the practice of illegal hoarding and ensure the continuous supply of petroleum products in Pakistan.
Addressing a news conference in Lahore, he said that hoarders stockpiled petroleum products at illegal storage points whenever fuel rates were going to increase in the country. But now the government has presented to end this practice.
Easy Supply of Petroleum Products
The minister said that bonded storage policy would ensure an easy and continuous supply of fuel and end illegal hoarding.
His statement comes as the Cabinet’s Economic Coordination Committee green-lighted “Bonded Bulk Storage Policy 2023” for petroleum items, Finance Minister Ishaq Dar announced on Wednesday.
In a tweet, he said the government fulfilled another promise to people; made in the budget address for the financial year 2023-24 on 9 June in National Assembly.
Under the policy, foreign suppliers would be allowed to get crude and POL items from the international market and store them in bonded bulk storages in Pakistan ports.
Now, if Pakistan needs to get crude or finished oil items from foreign suppliers, the customs department would de-bond the stored products. This is how the petroleum products would be formally imported into the country.
However, it would allow foreign suppliers to export the bonded items. If foreign suppliers use Pakistan’s storage, they will pay for it.
This policy would help decrease the LCs and freight charges to a considerable level and maintain the oil supply chain all the time in Pakistan. This policy would also assist foreign suppliers in building bonded bulk storage in Pakistan ports.
