PM orders increase in country's strategic petroleum reserves; changes to oil refining policy approved

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Prime Minister Shehbaz Sharif on Tuesday directed authorities to increase the country’s strategic petroleum reserves as the cabinet committee approved amendments to the Pakistan Oil Refining Policy 2023.

The remarks came as he chaired a meeting of the Cabinet Committee on Energy, during which amendments to the Pakistan Oil Refining Policy 2023 were approved, according to a statement issued by the Prime Minister’s Office (PMO).

The meeting was given a detailed briefing on the progress of upgradation of oil refineries in the country, reforms in the energy sector, and implementation of the policy.

“The upgradation of oil refineries is an important need of the time and is a key pillar of Pakistan’s comprehensive energy security system,” PMO quoted the premier as saying.

He stated that refineries aligned with modern requirements would not only better meet the country’s energy needs but would also prove helpful in reducing dependence on imported fuel and providing environment-friendly fuel, the statement said.