Byco continued production
KARACHI: Byco Petroleum Pakistan Limited (BPPL) said Friday it has resumed production on increasing product demand in the local market.
At the end of March, the energy ministry had issued an order to stop all imports of petroleum products from oil marketing companies to ensure that domestic refinery products were fully consumed.
Fayaz Ahmad Khan, commercial vice president at BPPL said Byco has resumed production at its oil refineries due to the increasing demand for POL across the country.
“We ask the government to properly abolish IFEM (Inland Freight Equalization Margin) which deregulates the pricing of petroleum products. This will enable market players to compete on prices and services, and save consumers money, “Khan said.
He thanked the ministry for supporting E&P and the refining sector by stopping imports of petroleum products since April 1. “Byco hopes the ministry can continue to facilitate increased product demand so that we can increase our capacity utilization through companies that consistently order from OMC. “Demand for petroleum products was previously reduced in Pakistan as a result of the closure of all schools in the country and the subsequent national lockdown. Byco has placed refineries in previous ‘cold circulation’ due to demand drying up.
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