POL products Byco resumes production due to improved demand

KARACHI: Byco Petroleum has announced that it has resumed production at its refinery.

In late March, the Ministry of Energy had issued an order to all oil marketing companies to stop all import of petroleum products to ensure that domestic refineries' products were fully consumed.

Byco Vice President Commercial Fayaz Ahmad Khan said, "Due to improved POL (petroleum, oil and lubricants) demand across the country, Byco has resumed production at its oil refinery."

He praised the Ministry of Energy in its efforts to support the domestic refining industry, and added, "We request the government to kindly abolish the IFEM and deregulate the pricing of petroleum products. This will allow market players to compete on prices and services, and save consumers' money."

Demand for petroleum products had earlier dwindled in Pakistan. The Ministry of Energy, therefore, banned import of all petroleum products.

Published in The Express Tribune, April 11^th, 2020.

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