To avoid any dire situation, the federal government has ruled out any possibility of a fuel crisis in Pakistan, saying that the country has sufficient oil reserves.
According to an official statement, the Ministry of Petroleum strongly denied fears of a petroleum shortage in the country, terming it as “rumours” circulating on social media.
The ministry clarified that it already has the required oil reserves and “there is no possibility of a shortage”.
“Pakistan State Oil (PSO) and other oil shipping companies have adequate stocks of petrol, diesel, kerosene and other types of petroleum products,” the statement said, adding, The amount of diesel available for the is full. capacity so people don’t listen to rumours, speculations and misinformation.
In a separate statement on Twitter, PSO also asserted that it has sufficient stock available in the supply chain as per Oil and Gas Regulatory Authority (OGRA) deadline and said: “Being the national flagship As such, PSO remains committed to fuel supply by ensuring uninterrupted supply of fuel to its retail outlets across the country.
In their official statement, both the PSO and the Ministry of Petroleum requested that “rumors” of petrol shortage not be circulated or shared by the media.
As the national flag bearer, PSO remains committed to fueling the nation and is ensuring an uninterrupted supply of fuel at its retail outlets nationwide.#PSOUpdates #FuelSupply pic.twitter.com/1DeFkfXwog
— Pakistan State Oil (PSO) (@PSOPakistan) January 20, 2023
According to the PSO, the ministry and Ogra are monitoring the stock situation of private companies to “maintain the country’s supply chain without disruption”.
Fear of oil shortage
After banks refused to issue letters of credit (LC) for the import of crude oil and petroleum products, the oil industry became concerned about the supply of petroleum.
The oil industry feared that it would take six to eight weeks for the flow of petroleum products in the country to return to normal if a compromise was reached based on banks’ refusal to issue LCs for import of crude and petroleum products. .
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.
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.
Ogra had issued a clarification on the matter on January 15.
Ogra spokesperson Imran Ghaznavi said on Twitter 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
However, speculation and concerns about the shortage continued during the week as Pakistan’s central bank’s foreign exchange reserves fell to their lowest level since February 2014, falling by 22.11 percent, which helped finance imports. A serious challenge arose for the country.
This critical dollar shortage has made banks reluctant to issue new lines of credit to importers, leaving an economy already squeezed by rising inflation and a slowdown, ultimately fueling the country’s oil shortages. raises concerns.
