ISLAMABAD: The country’s consumption of petroleum products has increased from 12.5 million ton (MT) to 14.7 MT during first nine months (July-March) of the current fiscal year, posting a growth of around 17.6 percent.
According to the Economic Survey 2020-21 launched by Minister for Finance and Revenue Shaukat Tarin, crude oil’s local extraction and imports reached 68.9 Million Barrels (MBL) in Jul-Mar 2021 from 58.6 MBL in corresponding period of the last year.
The share of import remained 48.2 MBL oil as compared to 38.8 MBL of same period of last year. The government has added oil storage of 38,579 metric tons in the country’s logistics during the period of Jul-Mar at the cost of Rs5,786.8 million.
During the period under review, as many as four licences for construction and one licence for operation of Lube Oil Blending, Reclamation and Grease Plants were issued.
Similarly, five licences were granted for setting up Lubricant Marketing Company (LMC) and three operational licenses for LMCs. These provisions of licences would enhance the domestic supply of crude oil and will decrease import bill.
LPG sector attracts Rs 17.08 b investment
Meanwhile, the Liquefied Petroleum Gas (LPG) sector has attracted around Rs 17.08 billion investment for its infrastructure development during first nine months of the current fiscal year.
The country’s total supply of LPG stood at 927,683 Metric tons (MT) during the period from July to March, according to the Economic Survey 2020-21 launched here on Thursday.
Currently, as many as 11 LPG producers and 216 LPG marketing companies are operating in the country, with more than 7,000 authorized distributors.
Oil and Gas Regulatory Authority (OGRA) has simplified the procedure for grant of LPG licence and the same is granted on fast track basis once the requirements are met /complied.
During July–March, 2020-21, one licence for construction of LPG production facility, nine for operation of LPG Storage & Filling Plants and 20 for construction of LPG Storage and Filling plants were issued.
In addition, OGRA has issued five licences for construction of LPG auto refueling stations and one for operation of LPG Auto Refueling Station during the same period.
