Rumours of fuel price hike trigger panic buying

Swirling rumours of fuel shortage and a further spike in the prices triggered panic buying across major cities on Tuesday, causing chaotic long queues snaking down into the pumps amid sweltering weather.

The panic, generated by unverified news items, prompted the government and relevant bodies to issue immediate clarifications and to announce that there was no plan to increase prices, at least for today, assuring that there was no shortage of fuel.

It all began when rumours on social media began doing rounds with some TV channels also carrying unverified news items claiming that the government was going to jack up prices of the petroleum products. The news further said that supply chains have also begun to creak.

The rumours wrongly linked the shortage and increase in prices to a speech of Finance Minister Miftah Ismail. Although he never said that the petrol prices would be increased, the rumour mill kept churning announcing an increase of Rs15 to Rs30 per litre.

“In the pre-budget seminar I never even spoke about petroleum prices,” the finance minister tweeted in the evening. “Channels running these tickers are doing a disservice to their viewers,” Miftah said, “there will be no increase in prices today and there is no summary or plan to raise prices.”

Federal Minister for Information and Broadcasting Marriyum Aurangzaib also took to Twitter to clarify that there was no truth in the speculations about an increase in shortage of fuel across the country. “The speculation of increase in prices of petroleum products is absolutely false,” the information minister tweeted.

Also read: No imminent hike in fuel prices on the cards, Miftah dispels speculations

“The government has not taken any decision to increase the price of petrol and diesel further and people and media are requested not to listen to rumours,” the government’s spokesperson said, adding “there is no shortage of petroleum products in the country.” She urged the public to avoid spreading rumours.

The spokesperson of the Oil and Gas Regulatory Authority (Ogra) was the next to clarify that the prices of petroleum products were not being increased, saying the country has ample stock of petroleum products.

An Ogra spokesperson said that all oil marketing companies have been directed to maintain adequate supply at petrol pumps. Later, it was reported that officials of the dealer associations said that the supply to the petrol pumps had not yet stopped by the fuel depots, but due to the rush at the filling stations, their reserves might soon be exhausted.

It is pertinent to mention that the rumours quickly spread and caused long queues at the fuel stations as the federal government recently increased the price of petrol by Rs60 to a whopping Rs209.86 per litre.