ISLAMABAD: Pakistan's Ministry of Energy (Petroleum Division) on Friday strongly denied reports of petroleum products being in short supply across the country, insisting that the South Asian country had "adequate reserves."
Several posts on social media claimed Pakistan would face a severe shortage of petroleum products in the coming days as private banks were refusing to open letters of credit for oil imports.
Pakistan’s energy procurements from international markets constitute the largest portion of its import bill, putting immense pressure on rapidly depleting forex reserves that plummeted to $4.3 billion earlier this month.
However, in a press release, the Petroleum Division refuted the rumors, adding that there is "no possibility" of a shortage of petroleum products in the country.
"The Pakistan State Oil (PSO) and other oil supplying companies have adequate reserves of petrol, diesel, kerosene oil and other forms of petroleum products," the division said.
It said the quantity of diesel available for storage in Pakistan is at "full capacity", urging people not to listen to rumors, speculations and "misleading information."
The ministry also called on the media to not pay heed to such speculation and report it as news.
Pakistan, already reeling from a macroeconomic crisis that has seen its reserves dip to an eight-year low, is actively trying to secure cheaper sources of energy from other countries. Islamabad and Moscow announced on Friday that Russia would export oil to Pakistan, with details of the deal to be finalized in March.
Islamabad has also faced problems in recent months in purchasing liquefied natural gas (LNG) from the global market due to spot prices that largely remain out of its reach since the invasion of Ukraine.
