Ogra refutes reports of petrol shortage, says sufficient stock available
The Oil and Gas Regulatory Authority (Ogra) denied accusations of a gasoline and diesel shortage on Tuesday, maintaining that there was ample supply across the country.
Imran Ghaznavi, a spokesperson, stated in a press release:
“Ogra strongly rebuts the speculations on petrol/diesel shortages.”
He claims that there are enough stocks on hand to cover gasoline demand for the next 18 days and diesel demand for the next 37 days.
The Press Release Added:
“Furthermore, ships carrying 101,000 metric tonnes of petrol are at berth/outer anchorage,”
“The local refineries are playing their due role in meeting the demand for petroleum products.”
As per Statement:
Oil marketing firms have curtailed deliveries of petroleum products due to lengthy delays in the issuance of letters of credit (LCs) by private banks for imports.
Long lineups and hurried petrol purchases ensued in various locations around the country.
The Petroleum Division of the Ministry of Energy asked the State Bank of Pakistan (SBP) and the Ministry of Finance to intervene urgently earlier this month to arrange the opening of Letters of Credit (LCs) for fuel imports after the entire industry, including oil marketing companies and refineries, raised red flags about impending supply disruption.
According to a senior official who stated that the supply chain was on the point of failing:
The petroleum division and Ogra are now drafting letters to the finance ministry and the SBP to preserve their positions in the case of a supply interruption that may take more than six weeks to recover.
Secretary Information of the Petroleum Dealers Association, Atif Ahmad Stated:
“The smaller oil marketing companies had stopped importing crude oil as the paucity of dollars delayed opening of letters of credit and slowly squeezed the process completely.”
He further added:
For the last two weeks, the market has been facing a supply constraint.
But manufacturers have been able to keep things under control by channelling supplies to large cities rather than rural regions.