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Government & Politics

Abandoned oil depots of PSO to re-open

Karachi: The decision has been taken by the government to re-open the 4 abandoned oil storage depots of PSO that were closed in July 2008 in order to save PKR0.20 per litre of Inland Freight Equalization Margin (IFEM). These depots are located in Faqirabad, Kotla Jam, Sahiwal and Shershah areas.

According to Alfalah Securities Limited, this step would allow PSO to hold higher inventories of petroleum products and bodes well for the company. All OMCs are required to hold or construct storage facilities with at least 20 days storage capacity in order to avoid shortfall in case of emergency. However, the prices of diesel would increase PkR 0.11 and petrol by PKR 0.07 per litre due to higher IFEM cost on these depots.

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