OGRA warns of strict action against hoarding
The Oil and Gas Regulatory Authority (Ogra) has directed chief executive officers of oil marketing companies (OMCs) to ensure uninterrupted supply of petroleum products to retail outlets amid geopolitical concerns over the Middle East conflict.
The regulator has warned of strict action against those involved in oil hoarding to pocket money from consumers by creating artificial shortage of fuel. "In view of the prevailing geopolitical situation and potential market sensitivities, all oil marketing companies are directed to ensure uninterrupted supply and smooth distribution of motor spirit (petrol) and high-speed diesel across their retail networks nationwide," Ogra said in a letter sent to the CEOs of OMCs.
The regulator reiterated that sufficient stocks of petroleum products were available in the country. Therefore, any disruption in supplies, artificial shortages or non-compliance with notified prices at retail outlets will be viewed seriously and action will be taken as per relevant provisions of the Pakistan Oil Rules, 2016. It directed OMCs to strictly ensure sale of petroleum products at prescribed prices without any overcharging. It called for mobilising and deploying field monitoring teams to conduct regular inspections of outlets to ensure uninterrupted supplies to the general public.
The regulator told OMCs to immediately address any complaint relating to supply disruption, overcharging or hoarding. "Your full cooperation is expected to maintain market stability and protect consumer interests during this period. It may also be noted that Ogra's enforcement teams have been mobilised for monitoring the on-ground situation," the letter said. Meanwhile, in a statement, Ogra said that the government has assured the public that the country currently holds sufficient stocks of petroleum products to meet national demand and there is no need for panic buying or hoarding. "In view of the prevailing geopolitical situation, authorities are closely monitoring the petroleum supply chain to ensure uninterrupted availability of products across the country. The existing stock position remains comfortable and well within the prescribed requirements," it said.