State Minister for Petroleum, Musadik Malik, announced on Wednesday that the federal government has introduced a bonded bulk storage policy to address the issue of illegal fuel hoarding and ensure a seamless supply of petroleum products in the country.
Speaking at a press conference in Lahore, the minister highlighted how hoarders would stockpile fuel at unauthorised storage locations whenever there was an anticipated increase in petroleum prices.
“I am presenting a solution today to put an end to the practice of hoarding,” stated Musadik Malik. The newly implemented bonded storage policy aims to guarantee a smooth supply of petroleum products while curbing illegal hoarding. The minister emphasised that this policy would prevent the world’s largest traders from illegally hoarding oil in the country.
The announcement aligns 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.
Taking to Twitter, the finance minister had highlighted that the federal government has fulfilled another commitment made during the budget speech for the fiscal year 2023-24, delivered in the National Assembly on June 9.
With the implementation of the bonded bulk storage policy, the government aims to tackle the issue of fuel hoarding and ensure a reliable supply of petroleum products in Pakistan. This policy will help curtail illegal practices and establish a more efficient and transparent fuel market. By preventing unauthorised hoarding and facilitating legitimate storage processes, the government aims to create a balanced and uninterrupted supply chain. The bonded bulk storage policy signifies a significant step towards ensuring the availability and affordability of petroleum products for the people of Pakistan.
Furthermore, the introduction of this policy will discourage hoarders from manipulating fuel prices and destabilising the market. It is expected to bring transparency and fairness to the petroleum sector while creating a level playing field for all stakeholders. The government’s commitment to curbing illegal hoarding and ensuring a smooth supply reflects its dedication to the welfare and interests of the Pakistani people.
In conclusion, the bonded bulk storage policy is a strategic move by the federal government to address fuel hoarding and promote a reliable supply of petroleum products. By implementing this policy, the government aims to bring stability and transparency to the fuel market, putting an end to the illegal practice of hoarding. This initiative reaffirms the government’s commitment to fulfilling its promises and creating a conducive environment for economic growth and development.
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