Prime Minister Shehbaz Sharif on Tuesday ordered authorities to increase the country's strategic petroleum reserves, terming refinery upgradation "an important need of the time". The premier made the remarks while chairing a meeting of the Cabinet Committee on Energy at the Prime Minister's Office, where proposed amendments to the Pakistan Oil Refining Policy, 2023, were approved, according to a statement issued by the PM Office.
PM Shehbaz's directives for the strategic petroleum reserves come months after Finance Minister Muhammad Aurangzeb urged considering strategic petroleum reserves following the oil shock from the ongoing war in the Middle East. "When you go through a supply shock like this... it sends a very clear view that we need to accelerate these journeys," he said.
During today's meeting, PM Shehbaz said that the upgradation of refineries was a key pillar of Pakistan's comprehensive energy security system, stressing that refineries aligned with modern requirements will not only better meet the country's energy needs but will also prove helpful in reducing dependence on imported fuel and providing environment-friendly fuel.
PM Shehbaz directed that reforms be introduced to improve the Oil and Gas Regulatory Authority's performance to promote competition, transparency, and investment in the energy sector. He emphasised that effective and timely implementation of the new policy must be ensured, saying no negligence or delay in this regard will be tolerated under any circumstances.