One of the major items on Pakistan’s import bill are petroleum products and the government is working on a strategy to save $273 million (Rs. 43 billion) annually.
They hope to decrease the prices of petrol or start a new mega project in the power sector with these and as per details, officials in the petroleum division have forwarded this plan to the PM.
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The cost of petrol products is derived from the quality and the supplier premium, to increase savings, the latter can be amended. As per officials, around $3 per barrel can be saved this way and ships with larger storage capacity can be used instead of the current smaller storage ships.
Another way to reduce the price by $1-$2 is by importing oil on a long-term govt. to govt. agreement and this way up to $136.5 million can be saved per annum. This is based on information that PSO annually brings in 45.5 million barrels and with the addition of govt. contracts, deferred payments around $273 million can be saved.
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According to reports, these are some of the measures being proposed:
- Achieving better terms on insurance, fares, and cost
- Arranging long-term agreements of at least 1 to 3 years
- Reducing advertising expenses of PSO
- Pakistan National Shipping Corporation (PNSC) will be used to import oil and will be paid in rupees