Islamabad: The federal government has devised a plan to save USD 273 million per annum on petroleum imports, a news source reported. As per the publication, the savings will either be utilised to initiate a project in the petroleum sector or lower the petrol costs for the consumers.
Recently, the top officials of the Petroleum Division presented a plan before Prime Minister Imran Khan and suggested how the petroleum prices could be curtailed. Reportedly, the petrol cost has two major components – its quality and supplier premium. In the supplier premium component, the prices can be cut down by USD 3 per barrel. If petroleum is supplied through a large vessel of 60,000 tonnes instead of the Motor Spirit with a capacity of 25,000 to 30,000 tons, the price can be further reduced by USD 3 per barrel.
Additionally, if the country starts importing petroleum through the government-to-government arrangement, the prices can be additionally sliced by USD 1-2. As a result, the saving will rise to USD 273 million per year. It will also give Pakistan the facility of deferred payment and diminish the debt problems of Pakistan State Oil (PSO).