Pakistan government fears oil crisis as depots run dry
Pakistan government fears an oil crisis as retail outlets of some oil marketing companies (OMCs) were reportedly found dry at a few locations in the country, The Express Tribune newspaper reported.
The Express Tribune is an English-language newspaper in Pakistan.
The country's Petroleum Division called upon the Oil and Gas Regulatory Authority (Ogra) chairman to take regulatory action against those companies operating dry retail outlets.
Oil Director General Imran Ahmed in a letter dated September 12, informed the Ogra chairman that the energy minister had taken serious notice of the development, and directed that the regulatory authority may mobilize its enforcement team to ensure that all OMCs keep their retail outlets wet and well-supplied with the petroleum products.
Referring to the Ogra/Oil Companies Advisory Council (OCAC) daily reports, the DG oil's letter also highlighted that the country currently possessed sufficient stocks of petrol (MS) and high-speed diesel (HSD), stressing that any attempt to hoard petroleum products must be strongly discouraged and curbed, as per The Express Tribune.
The letter emphasized that regulatory action may be taken against any OMC maintaining stocks lower than the mandatory requirement to stave off any potential countrywide shortage of petroleum products.
The DG Oil also forwarded the critical directive to the OCAC secretary general and the Oil Marketing Association of Pakistan (OMAP) chairman.
Due to the expected hike in oil prices, some of the petrol pumps in a bid to gain more inventory benefits, at the end of every fortnight, are used to the practice of seeking additional quantity of petroleum products when the oil prices are estimated to go up, as per the Express Tribue.
