ISLAMABAD: The Petroleum Division was instructed by the Special Investment Facilitation Council’s (SIFC) Executive Committee on Wednesday to come up with a plan within a week in order to begin $5–6 billion worth of refinery upgrades for nearby facilities.
Ahsan Iqbal, the Federal Minister for Planning and Special Initiatives, presided over the committee meeting.
The inland freight equalization margin (IFEM) for gasoline, diesel, kerosene, and light diesel oil would rise by Rs2.5 per litre, according to a decision made by the authorities. Refineries will be able to use the extra money under an incentive package after it is transferred to ESCROW accounts.
Upgrade projects would be funded with the money. This would only be a short-term solution until the next budget, though.
Ogra has been asked to calculate the impact at the SIFC conference.
