Video conference to address the problems caused by the shortage of petroleum products in the country.

Federal Minister Omar Ayub Khan expressed concern over the artificial shortage created by some oil marketing companies.

 Dealers formed a committee headed by DG Oil, the committee  Will verify the availability of stocks of petroleum products, identify poaching and hoarding by oil marketing companies.

           A video conference was held in the Petroleum Division on Monday to address the problems arising out of the shortage of petroleum products in the country. 

Federal Minister for Energy Omar Ayub Khan and Special Assistant to the Prime Minister for Petroleum Nadeem Babar presided over the video conference.

  Secretary Petroleum Mian Asad Haya-ud-Din was also present on the occasion.

 Officials from OGRA ( Oil and Gas Regulatory Authority ) and other relevant agencies, including oil marketing companies, attended the video conference.  The Federal Minister for Energy expressed concern over the creation of artificial shortages by some oil marketing companies and dealers for profit.  The meeting set up a committee headed by DG Oil to verify the availability of stocks of petroleum products and to identify poaching and hoarding by oil marketing companies.

 

 It was decided at the meeting that oil marketing companies would not be allowed to obstruct the supply of petroleum products to petrol pumps, adding that the government would take stern action against dealers who charge high prices and stockpile.  It will not allow oil marketing companies to cancel or postpone proposed cargoes for June 2020.

 Refineries have been instructed to produce their fixed production of petroleum products.  Oil marketing companies have been directed to move to Karachi

 A committee has also been set up to inspect the installations and depots of oil marketing companies and verify their reserves on the spot.

 If any negligence is found, the regulator will revoke the licenses of the oil marketing companies.  Oil marketing companies will ensure additional supply for Malakand, Faisalabad and Hyderabad divisions.  The OCAC ( Oil Companies Advisory Council ) has been directed to issue a press release stating that the country has ample reserves of petrol and imports of petroleum products are also going on as per normal to meet the demand. 

 OGRA may appoint its own teams to verify the available reserves of depots and petrol pumps of oil marketing companies.  The meeting also emphasized that in order to meet the monthly requirement, refineries would import surplus petroleum products along with surplus production.  On June 7, there were 214,536 metric tons of usable petrol reserves, which is enough for 10 days.

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 It was decided at the meeting that all the concerned parties including the Petroleum Division, OGRA and the provincial governments would take appropriate steps to normalize the situation of supply of petroleum products across the country.  The Petroleum Division has urged the public and petrol dealers to refrain from hasty purchases.