The government has taken a major decision related to the purchase of petroleum products from the global market, it has been decided to eliminate bank charges and other expenses on the import of petroleum products, the Prime Minister has also approved the submission of a summary of the customs bond warehouse policy to the ECC.

The new policy will reduce the pressure on foreign exchange reserves, petroleum products will be able to be purchased in local currency, oil marketing companies and refineries will be able to purchase crude oil and petroleum products at Pakistani ports.

They will be able to get cheap oil compared to the global market, foreign oil suppliers will release petroleum products only when LCs are opened in scheduled banks, Pakistan does not have strategic oil storage compared to other countries of the world, while with the facility of bonded storage, Pakistan can Strategic oil storage will become possible.

The government formulated the new policy in view of the attitude of the international banks and shortage of foreign exchange. The final approval of which will be approved by the Economic Coordination Committee.