PM calls for expediting petroleum sector reforms

ISLAMABAD: Prime Minister Imran Khan on Thursday directed Special Assistant on Petroleum Nadeem Babar to further accelerate the process of reforms in the petroleum sector.

Babar was appointed on Wednesday last by Economic Coordination Committee (ECC) as head of a body that would explore various call options for hedging prices of petroleum products imported by Pakistan.

As per the details, the body would explore call option for 15 million barrels of oil for one or two years divided into 12 equal monthly amounts for different stock price above current Brent, as long as the fee is within an acceptable range. The body would also include representation from the State Bank of Pakistan, Finance Division, Petroleum Division, Law Division and Planning Division and Pakistan State Oil.

The special assistant apprised the prime minister of the progress made so far on petroleum sector reforms. The PM said that it was important to bring improvements in the sector, besides providing relief to the masses.

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