Prime Minister Shehbaz Sharif has directed the Federal Investigation Agency to launch a thorough inquiry into oil marketing companies and officials of the Oil and Gas Regulatory Authority. Authorities suspect these entities hoarded petroleum products during recent panic buying, which created artificial shortages and pushed up prices across Pakistan.
Investigation Gains Momentum
The move comes after widespread consumer fears sparked by the ongoing regional conflict involving Iran. People rushed to fill their tanks, and reports quickly emerged that some companies deliberately withheld supplies. Preliminary findings point to at least one major oil marketing company that may have manipulated inventory to justify higher rates. FIA teams in Karachi have already recorded statements from a senior official at the Directorate General of Oil, who highlighted the role of unscrupulous players in the market.
Transitioning from public complaints to official action, the government aims to ensure transparency. On March 7, authorities raised petrol and high-speed diesel prices precisely to maintain uninterrupted supply during the crisis. Yet concerns persisted that certain companies exploited the situation instead of supporting consumers.
OGRA Flags Serious Concerns
The Oil and Gas Regulatory Authority recently wrote to the government on April 16 seeking approval for a Rs128 billion mechanism to settle price differential claims of oil companies. However, OGRA clearly stated that any firm found guilty of hoarding will receive no compensation. This strict condition shows the regulator’s firm stance against market manipulation.
FIA investigators continue to work at a fast pace and will soon submit their detailed report to the Prime Minister. The findings will directly influence decisions on compensation payments and possible penalties against guilty parties.
Experts believe this inquiry sends a strong message to the entire petroleum sector. Consumers now hope for quicker relief and stricter oversight so that fuel supply remains stable even during uncertain times. The government’s proactive step aims to protect both public interest and market integrity in the face of external pressures.
