ISLAMABAD , June 28, 2023: Finance Minister Ishaq Dar on Wednesday announced that the Economic Coordination Committee (ECC) had approved the “Bonded Bulk Storage Policy 2023” for [crude oil and] petroleum products, saying the government thus fulfilled another commitment made to the people.
In a tweet, the finance minister recalled that he mentioned the introduction of the policy in his budget speech on June 9. State Minister for Petroleum Musadik Malik would share detail through a presser, he added.
Dar, in his budget speech, had stated that Pakistan was set to introduce the Bonded Bulk Storage Policy for crude and petroleum products. It would allow the foreign suppliers [marketing companies] to procure crude and POL products from the international market and store them at storages in Pakistani ports.
The move is a positive development amid economic uncertainty and volatile supply as Pakistan would now be able to procure the crude or finished products easily and swiftly from the foreign suppliers whenever required. Besides maintaining the supply chain even during any unforeseen development, the initiative will also help reducing the LCs and freight charges to a reasonable level.
As the products would be already stored in Pakistan, the Customs would only have to de-bond the same – a process of formally importing the commodities to the country. Until then, the stored items won’t be considered imports.
Moreover, the foreign suppliers would be allowed to export the bonded products while paying for the using the country’s storage facilities.