The Oil and Gas Regulatory Authority (OGRA) has issued a warning regarding stringent measures against the illegal hoarding of petrol products, especially in locations that are not officially licensed oil depots or retail outlets of Oil Marketing Companies (OMCs).
In a statement released on Thursday, OGRA clarified that any location found to be illegally storing petroleum products will be sealed.
OGRA has further urged the public to refrain from panic buying, emphasising that there is an adequate supply of petroleum products to satisfy national demands.
All DCs instructed to conduct inspections
OGRA has stated that the authorities are vigilantly monitoring the petrol supply chain to guarantee the continuous availability of products throughout the country.
The current stock situation is reported to be satisfactory and well within the established requirements, according to the statement.
In response to reports of potential hoarding of petroleum products for profit, OGRA has requested that all provincial chief secretaries instruct deputy commissioners (DCs) to perform inspections within their respective areas.
OGRA has also conducted inspections at oil depots and retail outlets to ensure the seamless supply of petroleum products and to prevent any fraudulent activities, as stated in the announcement.
Supply chains disrupted amid US Israel war with Iran
The announcement from Ogra occurs amidst the ongoing conflict between the United States and Israel with Iran, which has now entered its sixth day, causing disruptions in supply chains as the movement of ships through the Strait of Hormuz remains halted.
Finance Minister Muhammad Aurangzeb stated that while there is currently “no fuel shortage in the country, the situation could become critical if the war continues for an extended period.”
Pakistan has formally approached Saudi Arabia to seek an alternative oil supply route via the Red Sea to ensure the continuity of its fuel supply chain.
Additionally, the government is contemplating implementing a series of significant measures, including weekly revisions of petroleum prices and fuel conservation strategies such as mandatory work-from-home policies to maintain market liquidity.
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