KARACHI: Pakistan’s premier oil refining company, Byco Petroleum Pakistan Limited (BPPL) has resumed its production owing to improved POL demand in Pakistan, the company said in a statement here on Friday.
Earlier, the Ministry of Energy had issued an order to stop all import of petroleum products to all Oil Marketing Companies to make sure that domestic refineries products are fully consumed.
Vice President of at BPPL, Fayaz Ahmad Khan said “due to improved POL demand across the country Byco has resumed production at its oil refinery.”
While admiring the Ministry of Energy in its efforts to support the domestic refining industry, he requested that the government should abolish the Inland Freight Equalization Margin (IFEM), deregulating the pricing of petroleum products.
This will allow market players to compete on prices and services and save consumers money, Khan added. Byco thanked the Ministry of Energy for its strong support to the E&P and Refining sectors by halting the import of petroleum products since April 1st.
The statement said “Byco is hopeful that the Ministry can continue to facilitate improving demand for products so that we can raise our capacity utilization through firm consistent orders from OMC’s”.
Demand for petroleum products had earlier dwindled in Pakistan as a result of the closure of all schools in the country and the subsequent nationwide lockdowns.
The Ministry of Energy therefore took the measure of banning import of all petroleum products, the statement said.