Islamabad: The Oil and Gas Regulatory Authority (OGRA) has issued a clarification on the news related to the shortage of petrol and diesel in the country.
On Twitter, Ogra spokesperson Imran Ghaznavi said on Sunday that the country has ample reserves of petrol and diesel. Ogra has strongly denied reports of shortage of petrol and diesel in the country.
He added, “Abundant stocks of petrol and diesel are available across the country. Ogra strongly refutes speculations of petrol/diesel shortage. Usable stocks in the country are 17 days of petrol and 32 days of diesel. Enough for.
Press Statement
— Imran Ghaznavi (@ighaznavi) January 15, 2023
Sufficient stocks of Petrol& Diesel are available across the country.OGRA strongly rebut the speculations on Petrol/diesel shortages.
Useable stocks in the country are good enough for 17 days of Petrol & 32 days of Diesel 1/2
Spokesman OGRA
The OGRA spokesperson also said that another 80,000 MT of petrol vessels and 90,000 MT of diesel vessels are at berth/outer anchorage and that local refineries are fully operational to ensure that the demand for petroleum products is met. .
Elaborating on this in a Twitter thread, he said: “Furthermore, vessels carrying 80,000MT Petrol (MS) and 90,000MT HSD (Diesel) are at berth/outer anchorage. Local refineries are also functioning and playing their part in meeting the demand for petroleum products.
Furthermore, ships carrying 80,000MT petrol ( MS ) and 90,000 MT HSD ( Diesel) are at berth/outer anchorage. The local refineries are also operational and playing their due role in meeting demand of petroleum products. 2/2
— Imran Ghaznavi (@ighaznavi) January 15, 2023
Spokesman OGRA
Credit constraints
JEE News reported on Saturday that the oil industry is starting to worry about the supply of petroleum.
The oil industry expressed fears that the flow of petroleum products in the country would be compromised if it was compromised on the basis of banks’ refusal to settle letters of credit (LC) for the import of crude and petroleum products. It will take six to eight weeks to arrive. Friday.
These concerns were expressed by the Oil Companies Advisory Council (OCAC) – the representative body of refineries and oil marketing companies (OMCs) – to the finance ministry on Friday.
OCAC requested the ministry’s intervention in the matter after its members started facing problems in settlement of LCs. This is despite the fact that oil imports have been included in the list of items required to open and resolve letters of credit.
OCAC mentioned the challenges faced by OMCs and refineries in opening LCs for import of petroleum products, saying that Pakistan has an energy deficit, and about 430,000 tonnes of Mogas to meet the energy demand. 200,000 tonnes of high-speed diesel and 650,000 tonnes of crude oil were imported on a monthly basis at a cost of around $1.3 billion through the opening of LCs.
However, currently, the industry was facing severe challenges in opening and verifying letters of credit, which led to delays in several cargoes and even some cancellations, it said.
OCAC pointed out that the situation has worsened during the current month as banks were refusing to set up LCs to industry members.
“If LCs are not established on a timely basis, significant imports of petroleum products will be affected which may lead to fuel shortages in the country,” OCAC added.
