In Islamabad, the federal government has raised concerns about a potential oil shortage, noting that several retail outlets operated by certain oil marketing companies have reportedly run out of stock in various parts of the country.
The Ministry of Petroleum has written to the Chairman of the Oil and Gas Regulatory Authority (OGRA), urging regulatory action against these companies with dry retail outlets. In a letter dated September 12, Director General of the Oil Petroleum Division, Imran Ahmed, informed the Chairman of OGRA that the Energy Minister has taken serious notice of the situation and has instructed OGRA to take action.
The letter emphasizes that OGRA should ensure that all marketing companies maintain sufficient stock at their retail outlets and continue supplying petroleum products. It cites daily reports from OGRA and the Oil Companies Advisory Council, highlighting that there is currently an ample supply of petrol and high-speed diesel in the country.
Furthermore, the letter strongly discourages any attempts by companies to hoard petroleum products and stresses the need to prevent such practices. It warns of potential regulatory action against any marketing company found to be stockpiling less oil than required.
Copies of the letter have also been sent to the Secretary General of the Oil Companies Advisory Council and the Chairman of the Oil Marketing Association of Pakistan.
According to sources, the current stock of petrol stands at 416,000 metric tons, while high-speed diesel stock is at 460,000 metric tons. Additionally, it is reported that petroleum dealers are accumulating oil reserves in anticipation of a potential price increase of Rs 15 per liter.
Sources further indicate that some companies faced challenges in opening Letters of Credit (LCs), resulting in dry import outlets. Official sources, on the other hand, suggest that oil companies have inflated their inventory up to Rs 18 per liter.