HomeBusinessEnergy ministry denounces fuel shortage news

Energy ministry denounces fuel shortage news

A representational image of cars waiting in queues to fill tanks at the petrol pump. — Online/File
A representational image of cars waiting in queues to fill tanks at the petrol pump. — Online/File

ISLAMABAD: The Ministry of Energy Tuesday termed the rumours circulating regarding fuel shortage as “baseless” and said the petrol and diesel stocks are sufficient to fulfil the country’s needs.

A day earlier, the oil industry had informed the government about an expected shortage of petrol and high-speed diesel (HSD) in the coming days due to inadequate imports and limited local availability.

However, the Petroleum Division, in a brief statement, mentioned that the news circulating regarding fuel shortage is “baseless and contrary to facts.”

It mentioned that on November 7, the petrol stocks are around 550,000 metric tonnes which is sufficient for 21 days and with regard to diesel, the present stocks are 438,000 metric tonnes which is adequate for 15 days, based on Oil Companies Advisory Council’s (OCAC) stock position.

“Pakistan State Oil’s (PSO) planned import of diesel for the month of November 2022 is around 220,000 metric [tonnes] out of which one cargo is on the way to Karachi and is expected to arrive on November 12, 2022, while cargoes of other oil marketing companies are in line to meet the country’s planned demand,” the statement read.

Keeping in view the above position, the stock in the country is sufficient to take care of current requirements.

The Oil Companies Advisory Council (OCAC), the representative body of the oil sector, in a letter to Oil and Gas Regulatory Authority (OGRA), drew the attention of the regulator to an expected shortage of both products.

The OCAC said that motor spirit/petrol and HSD imports were finalised after extensive deliberation and allowed to oil marketing companies (OMCs) in line with their demand in product availability review of products for the month of November 2022.

Under product review, a deficit of 210,000 metric tonnes of HSD and 147,000 metric tonnes of petrol was worked out. It was highlighted in the meeting that HSD imports in November might be challenging owing to limited availability in the international market and very high premiums.

Source link



Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments