The Oil and Gas Regulatory Authority (OGRA) on Thursday warned of strict action against any individual or entity found involved in the illegal hoarding of petroleum products at unauthorized locations, particularly those other than duly licensed oil depots and retail outlets of Oil Marketing Companies (OMCs).
In a statement, the regulator warned that any premises illegally storing petroleum products would be sealed. It further sought to assure the public that the country currently holds sufficient stocks of petroleum products to meet national demand and that there is no need for panic buying or hoarding.
According to the statement, authorities are closely monitoring the petroleum supply chain in light of prevailing geopolitical conditions to ensure uninterrupted availability of products nationwide. “The existing stock position remains comfortable and well within the prescribed requirements,” it said.
OGRA’s statement noted reports of certain elements potentially attempting to hoard petroleum products for profiteering. “To curb such practices, all provincial chief secretaries have been requested to direct deputy commissioners to conduct inspections within their respective jurisdictions,” it said, adding OGRA had deployed teams to actively monitor the situation in the field.
The teams, it said, are inspecting oil depots and retail outlets to ensure the smooth supply of petroleum products and to prevent any malpractice. It urged the public to ignore rumors and maintain normal consumption patterns, as the petroleum supply situation in the country remains stable.
Fuel supply concerns
Also on Thursday, Finance Minister Muhammad Aurangzeb chaired a meeting of a high-powered committee tasked with monitoring petrol prices amid prevailing conditions, emphasizing that ensuring uninterrupted availability of petroleum products nationwide is the government’s top priority.
According to an official statement, the committee was informed national reserves remain at comfortable levels, with sufficient cover available for key products. It was further told there is no immediate cause for concern regarding the availability of petroleum products.
The committee reviewed multiple supply and pricing scenarios to ensure preparedness under different contingencies and to maintain stability in domestic energy supplies. Prime Minister Shehbaz Sharif is expected to review their recommendations today (Friday) and decide on a national path forward.