ISLAMABAD: The Cabinet Committee on Energy has asked the petroleum ministry to take necessary steps to enhance the country’s storage capacity for petroleum products.

Officials at the meeting informed the committee Chairperson Asad Umar regarding the availability of sufficient petroleum stocks amid sharp decline in demand following the spread of coronavirus pandemic.

On the issue of circular debt, the committee directed the National Electric Power Regulatory Authority to ensure accuracy and integrity in data.

The meeting was informed that a new format of reporting had been under review in order to maintain transparency and uniformity in data on circular debt.

The cabinet committee reviewed the progress of the Central Power Purchasing Authority (CPPA) on the introduction of a new competitive trading-based energy market.

It was informed that various actions required for the development and introduction of a new market system are being undertaken as per the given timelines.

Emphasising the need for timely completion of reform process, the committee directed the CPPA to ensure inputs from all stakeholders including current participants in the energy market were received.

The committee also directed concerned authorities to regularly report implementation progress on the introduction of competitive bilateral trading market system for the country’s energy market.

Published in Dawn, March 28th, 2020