ISLAMABAD: Petroleum Division on Monday constituted a seven-member committee to ascertain the element of hoarding and black marketing as well as verify the availability of stocks in the depots of the oil marketing companies (OMCs), and their supply to the retail outlets. Dr Shafiur Rehman Afridi, director general (Oil) will chair the committee while Imran Ali Abro (RO) will serve as secretary committee.

Representatives of the Oil and Gas Regulatory Authority (OGRA), the Federal Investigation Agency (FIA), the Pakistan State Oil (PSO), the HIDP and district administrations are included in the committee.

The committee will visit the depots, installations, retail outlets of the OMCs and refineries to monitor supply of petroleum products to the petrol pumps, and availability to the general public.

"If any OMC is found to be hoarding petroleum products, the committee would submit its findings to the relevant authority for appropriate action, which may lead to cancellation of their marketing license."

On behalf of the OMCs and refineries operating in Pakistan, the Oil Companies Advisory Council (OCAC) has warned the government that current stocks of petrol (motor gasoline) are continuously being replenished by the OMCs from supplies being made available through local refinery's production and regular arrival of vessels carrying imported petrol at the two ports namely; Karachi Port Trust (KPT) and Fauji Oil Terminal Company (FOTCO) at Port Qasim Authority (PQA).

In June, a total quantity of around 850,000 metric tones (MT) of petrol is being supplied from the production of local refineries and imports to the distribution and retail network of the country.

The current sales of petrol in the country are exceptionally high (50 percent growth) due to easing of Covid-19 lockdown in the past few weeks (causing depletion of stocks) and low price of the product, the OCAC states.

Average sales of petrol for period July 2019 to May 2020 (11 months) has been around 600,000 MT/month, which translates to sales of around 20,000 MT/day. However, for the reasons mentioned above, a high surge of sales/consumption of 30,000 MT/day has been experienced in first six days of June 2020. This sudden increase of 50 percent in consumption is being complemented by the industry through additional imports in the months of June and July.

While there are few pockets of constrained supplies in some parts of the country, Ministry of Energy-Petroleum Division (MEPD), the Oil and Gas Regulatory Authority (OGRA), local refineries and oil marketing companies are working round the clock to mitigate the situation.

In view of adequate quantity of petrol being arranged through the petroleum products supply-chain, the industry would like to request all worthy consumers of petrol to fill-up their vehicles as per their normal needs and do not resort to excessive buying.

We, as citizens of Pakistan can together solve our temporary issues through prudence and mutual cooperation.