ISLAMABAD: The Cabinet Committee on Energy (CCOE) has asked the concerned ministry to enhance the national storage capacity of petroleum products.
The statement came during the meeting of CCOE chaired by Minister for Planning, Development and Special Initiatives Asad Umar in Islamabad today (Friday).
Minister for Railways Sheikh Rasheed, Advisor on Finance Hafiz Shaikh, Minister for Petroleum Umar Ayub, Minister for Maritime Affairs Ali Zaidi, and Special Assistant to Prime Minister on Petroleum Nadeem Babar were also present in the meeting.
Asad Umar reviewed the progress of Central Power Purchasing Authority (CPPA) on the introduction of a new competitive trading based energy market.
CCOE was informed that various actions required for the development and introduction of new market system were being undertaken as per the provided timelines.
The committee also directed the authority to ensure that inputs from all the stakeholders including the current participants in the energy market were received.
The CCOE also directed to regularly report the implementation progress on the introduction of competitive bilateral trading market systems in Pakistan’s energy market. The committee also directed NEPRA to ensure the accuracy and integrity of data on circular debt.
The committee was apprised that sufficient stocks of all petroleum products were available in the country, however, due to coronavirus; petroleum products have witnessed a sharp decline in demand.
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