Reflecting on the recently introduced oil refining policy for both existing and new projects, one can’t help but wonder about the lost opportunities that might have been seized with more proactive decision-making. Currently, Pakistan has five oil refineries with a combined potential to produce approximately 20 million tonnes of petroleum products annually, including diesel, petrol, furnace oil, and jet fuel. Yet, the tide might turn with the advent of the new oil refining policy. The project might usher in Saudi Aramco, the world’s biggest oil company, to Pakistan, revolutionising the nation’s oil refining landscape. Therefore, if the oil refining policy yields the desired results, its impact on the economy could be monumental.
