ISLAMABAD-To ensure transparency and uniformity in figures of circular debt, the government is working on a new format of reporting which will bring an end to the discrepancies in the circular debt data.

Cabinet Committee on Energy (CCOE) in a meeting here Friday directed NEPRA to ensure the accuracy and integrity of data on circular debt.

The meeting of the newly reconstituted Cabinet Committee on Energy (CCOE) was held with Federal Minster for Planning, Development and Special Initiatives Asad Umar in chair. The government had Thursday reconstituted the Cabinet Committee on Energy (CCOE) and nominated Asad Umar as its chairman.

The CCOE was apprised that sufficient stocks of all petroleum products were available in the country, however, due to the pandemic; petroleum products have witnessed a sharp decline in demand.

CCOE asked the relevant Ministry to take necessary steps to enhance the national storage capacity of petroleum products. An official source told The Nation that it was decided to consult Pakistan Shipping Corporation regarding the possibility of using the tankers for the oil storage.

CCOE reviewed the progress of Central Power Purchasing Authority (CPPA) on the introduction of a new competitive trading based energy market. The sources said that the committee was informed that the reforms process for the establishment of new competitive trading based energy market will be completed by 2021.

The Committee was informed that various actions required for the development and introduction of new market system are being undertaken as per the give timelines. CPPA also briefed the CCOE on the next steps in the process. While emphasizing the timely completion of the reform process, the CCOE directed the authority to ensure that inputs from all the stakeholders including the current participants in the energy market are received. The Committee also directed the concerned authorities to regularly report the implementation progress on the introduction of competitive bilateral trading market system in Pakistan’s energy market.

The CCOE was informed that in order to maintain transparency and uniformity in data related to circular debt, a new format of reporting had been in consultation with NEPRA. The Committee also directed NEPRA to ensure the accuracy and integrity of data on circular debt. The source said there were discrepancy in the number of circular debt and now the government want to stream line the matter. There is also a proposal to undertake an audit of the circular debt, the source said.