ISLAMABAD: Pakistan’s Oil and Gas Regulatory Authority (OGRA) warned on Thursday that the government will take strict action against anyone found illegally hoarding petroleum products for profiteering, amid fears of a shortage of energy supplies due to the ongoing conflict in the Middle East.
Pakistan has formed a government committee to monitor the country’s stock of petroleum products amid ongoing hostilities between the US and Israel against Iran. The committee is also reviewing supply chains, price movements and assessing broader implications for inflation, external accounts, and financial stability due to the crisis.
OGRA has repeatedly urged that Pakistan’s stock of petroleum products is adequate and urged the masses not to take part in panic buying. On Wednesday, it allowed oil marketing companies to regulate supplies to their retail outlets so as to discourage hoarding.
“It has been emphasized that strict action will be taken against any individual or entity found involved in illegal hoarding or storage of petroleum products at unauthorized locations,” OGRA spokesperson Imran Ghaznavi said in a statement.
“Particularly at places other than duly licensed oil depots and retail outlets of Oil Marketing Companies (OMCs).”
The OGRA spokesperson said reports indicate certain elements may attempt to hoard petroleum products for profiteering. It said that provincial chief secretaries have been requested to direct deputy commissioners to conduct inspections in their jurisdictions.
“Any premises found involved in illegal storage of petroleum products will be sealed and action will be taken in accordance with the law,” OGRA warned.
The spokesperson said OGRA was monitoring energy supplies in Pakistan, adding that inspections are being conducted at oil depots and retail outlets to ensure smooth supply of petroleum products.
“The public is advised not to pay attention to rumors and to continue normal consumption patterns, as the petroleum supply situation in the country remains stable,” it added.
Pakistan this week asked Saudi Arabia to help Islamabad secure crude oil supplies through the Red Sea port of Yanbu, as the Strait of Hormuz’s closure threatens the country’s energy supply routes.
Pakistan fears higher global energy prices could lead to consumers paying more for petrol and shelling out more for groceries and other goods, at a time when many are already feeling the impacts of inflation.
Pakistan warns of strict action against hoarding petroleum products amid Iran crisis
OGRA says reports indicate “certain elements” may attempt to hoard petroleum products for profiteering
Oil and Gas Regulatory Authority says Pakistan’s petroleum reserves stocks adequate, no need for panic buying
Arab News Pakistan
Islamabad: Pakistan’s Oil and Gas Regulatory Authority (OGRA) warned on Thursday that the government will take strict action against anyone found illegally hoarding petroleum products for profiteering, amid fears of a shortage of energy supplies due to the ongoing conflict in the Middle East.
Pakistan has formed a government committee to monitor the country’s stock of petroleum products amid ongoing hostilities between the US and Israel against Iran. The committee is also reviewing supply chains, price movements and assessing broader implications for inflation, external accounts, and financial stability due to the crisis.
OGRA has repeatedly urged that Pakistan’s stock of petroleum products is adequate and urged the masses not to take part in panic buying. On Wednesday, it allowed oil marketing companies to regulate supplies to their retail outlets so as to discourage hoarding.
“It has been emphasized that strict action will be taken against any individual or entity found involved in illegal hoarding or storage of petroleum products at unauthorized locations,” OGRA spokesperson Imran Ghaznavi said in a statement.
“Particularly at places other than duly licensed oil depots and retail outlets of Oil Marketing Companies (OMCs).”
The OGRA spokesperson said reports indicate certain elements may attempt to hoard petroleum products for profiteering. It said that provincial chief secretaries have been requested to direct deputy commissioners to conduct inspections in their jurisdictions.
“Any premises found involved in illegal storage of petroleum products will be sealed and action will be taken in accordance with the law,” OGRA warned.
The spokesperson said OGRA was monitoring energy supplies in Pakistan, adding that inspections are being conducted at oil depots and retail outlets to ensure smooth supply of petroleum products.
“The public is advised not to pay attention to rumors and to continue normal consumption patterns, as the petroleum supply situation in the country remains stable,” it added.
Pakistan this week asked Saudi Arabia to help Islamabad secure crude oil supplies through the Red Sea port of Yanbu, as the Strait of Hormuz’s closure threatens the country’s energy supply routes.
Pakistan fears higher global energy prices could lead to consumers paying more for petrol and shelling out more for groceries and other goods, at a time when many are already feeling the impacts of inflation.
