During a press conference in Lahore, Musadik Malik, the state minister for Petroleum, declared that the federal government has implemented a policy for bonded bulk storage in order to tackle the problem of illegal fuel hoarding and guarantee a smooth provision of petroleum products across the country.
The minister emphasized that individuals engaging in hoarding activities would accumulate fuel at unauthorized storage sites whenever there were expected rises in petroleum prices.
Musadik Malik declared his intention to eradicate the act of hoarding by presenting a solution. The recently enforced bonded storage policy is designed to ensure a seamless provision of petroleum products while addressing the issue of illegal hoarding. The minister highlighted that this policy would effectively prevent the largest global traders from engaging in the unlawful practice of stockpiling oil within the country.
The announcement is in line with the approval of the “Bonded Bulk Storage Policy 2023” for petroleum products by the Economic Coordination Committee (ECC) of the cabinet, as confirmed by Finance Minister Ishaq Dar.
In a tweet, the finance minister highlighted the federal government’s fulfillment of another commitment made during the budget speech for the fiscal year 2023-24, delivered in the National Assembly on June 9.
The introduction of the bonded bulk storage policy serves as a proactive measure by the government to address the problem of fuel hoarding and ensure a consistent and dependable provision of petroleum products in Pakistan. This policy aims to effectively reduce unlawful practices and establish a fuel market that is characterized by enhanced efficiency and transparency.
Through the prevention of unauthorized hoarding and the facilitation of legitimate storage procedures, the government seeks to establish a well-regulated and uninterrupted supply chain. The implementation of the bonded bulk storage policy marks a noteworthy advancement in guaranteeing the accessibility and affordability of petroleum products for the citizens of Pakistan.
What do you think about the government’s recent move to avert fuel hoarding? Drop your thought in the comments section.
