ISLAMABAD: Sitara Petroleum Service Limited (PSX: SPSL) has clarified that it has no connection with the ongoing Federal Investigation Agency (FIA) case involving Pakistan’s oil marketing sector. The company said it operates only as an authorised dealer managing a nationwide retail fuel station network.
The clarification followed an FIA First Information Report registered on June 24, 2026. The case names Gas & Oil Pakistan Limited (Go Petroleum), its Chief Executive Officer Khalid Riaz, and several terminal managers. Investigators have accused them of illegally removing bonded petroleum products without paying customs duties and government levies worth billions of rupees.
SPSL Distances Itself from Investigation
SPSL stressed that it is not an Oil Marketing Company (OMC) and does not import petroleum products or procure fuel from refineries. Therefore, the company said the allegations involving bonded warehouse licences and Ex-Bond Goods Declarations do not apply to its operations.
Moreover, SPSL confirmed that it has no outstanding Price Differential Claims (PDCs). The company also stated that no law enforcement agency or regulator has launched any inquiry or investigation against it. It urged investors to rely only on official disclosures issued through the Pakistan Stock Exchange and company communication channels. Mettis Global News reported this latest development in the Go Petroleum scam.
FIA Expands Probe Into Petroleum Sector
Meanwhile, the FIA alleges that Go Petroleum illegally removed bonded fuel from storage without filing mandatory declarations or paying applicable duties. Investigators also reported major stock discrepancies at the company’s bonded terminal in Mehmoodkot.
Furthermore, forensic evidence allegedly recovered from a terminal manager’s laptop documented fuel dispatches without required customs filings. The investigation involves the FIA, OGRA, and Pakistan Customs. Consequently, authorities may widen scrutiny to other bonded terminal operators and oil marketing companies across Pakistan’s downstream petroleum sector.
