ISLAMABAD: Pakistan’s Punjab province on Saturday warned of action against the ones hoarding petroleum products, while authorities in federal capital of Islamabad sealed seven petrol stations for denying fuel to motorists, amid global supply constraints due to the Middle East tensions.
Global oil markets have been rattled since coordinated strikes by the United States and Israel against Iran began last week, triggering retaliatory attacks across the region, raising fears of disruption of key energy shipping routes and pushing petroleum prices upward.
Pakistan announced a hike of Rs55 ($0.20) per liter in petrol and diesel prices late Friday, with Petroleum Minister Ali Pervaiz Malik and others saying they were monitoring international energy markets and domestic supply conditions to bring down the prices as soon as the conflict is resolved.
In a statement issued from her office, Punjab Chief Minister Maryam Nawaz assured the masses that the province had ample stock of petroleum products and the Punjab Enforcement Regulatory Authority (PERA) had been tasked with ensuring supply in the region.
“A grand operation has been launched against hoarders and profiteers of petroleum products,” the statement said, adding that fuel stations found creating artificial shortages would be immediately sealed and their licenses revoked.
Separately, officials in Islamabad sealed seven petrol stations after long queues of vehicles were seen at some stations on Friday night, according to the Islamabad district administration. It said the city had over 2.5 million liters of petrol and more than 1.5 million liters of diesel available.
“[Fuel stations in] seven cases of refusal to provide petrol to citizens were sealed,” the district administration added.
Pakistan has sent vessels to ports in Saudi Arabia and the United Arab Emirates to secure crude oil supplies, the petroleum minister said late Friday.
“With the help of the Foreign Office, two Pakistan National Shipping Corporation (PNSC) vessels are currently on their way, one toward Yanbu port and the other toward Fujairah port, to bring crude oil from outside the Hormuz region in order to meet Pakistan’s energy needs,” Malik said on Friday night.
In addition, he said, Saudi Arabia’s Aramco had also assured that if Pakistan arranged, a Very Large Crude Carrier (VLCC) can be loaded at Yanbu and stationed near the Pakistani waters.
