The Oil and Gas Regulatory Authority (Ogra) on Saturday said the speculative hike in petrol and diesel prices, reported in media channels, is “misleading”, JEE News reported.
In a brief statement, OGRA Spokesperson Imran Ghaznavi said: “It has been observed that speculations on petrol and diesel prices are being made in the print and electronic media since last evening (Saturday), adding that these reports” Misleading and wrong”.
Amid speculations of a government hike in petrol prices by around Rs 83 per litre, people started rushing to petrol stations. “Elements spreading misleading and false information should refrain from spreading speculative prices of petroleum products in public interest,” the regulatory authority advised.
However, in line with the government’s aim to convince the International Monetary Fund (IMF), the finance ministry expects petrol prices to rise by Rs 20-21 and diesel prices by Rs 25 in the next fortnightly review. Is.
It should be noted that the sharp fall in the value of the rupee against the US dollar in the last two days will not be reflected much in the review on January 31 (Tuesday) as the average exchange rate will reach Rs 240, this information is collected from across the country. have been done. The oil sector showed.
However, it is learned that the fortnightly review on February 15 will reflect a significant increase in domestic petroleum prices due to the depreciation of the rupee.
“The appreciation of the dollar against the rupee in the last two sessions will be reflected in the revision of petroleum prices on February 15, when the dollar price calculation will start at Rs 260,” oil industry insiders said. People familiar with the industry said.
No shortage of fuel.
Earlier on Tuesday, the regulator strongly denied speculations about shortage of POL products, especially petrol and diesel in Pakistan, saying that sufficient stocks were available.
In a statement, the Ogra spokesperson said that the country has sufficient stock of petrol and diesel to meet the requirements of 18 and 37 days respectively.
It added: “Furthermore, vessels carrying 101,000MT [metric tonnes] of petrol are at berth/outer anchorage.”
The statement came after a nationwide power breakdown that led to speculation that the country was running out of fuel to run its power plants.
