The Oil and Gas Regulatory Authority (OGRA) on Tuesday dismissed reports regarding the looming shortage of diesel stocks in the country.

In a statement, OGRA spokesman Imran Ghaznavi rejected news appearing in certain sections of the media about the shortage of diesel in the country, terming it “incorrect and misleading”.

“Sufficient diesel stocks are available in the country to cater to the necessary demand,” Ghaznavi said in a brief statement.

The spokesperson added that reports about “limited stocks” of diesel in the country were “not correct”.

Earlier, the Oil Companies Advisory Council (OCAC), a representative body of the downstream oil industry, warned of a shortage of petroleum products in Pakistan in coming days owing to inadequate imports and limited local availability.

OCAC, in a letter sent to OGRA on November 3, a copy of which is available with Business Recorder, said that during a product review meeting for the month of November held on 13 and 14 October, a deficit of 210,000 MT of High-Speed Diesel (HSD) and 147,000 MT of Motor Spirit (MS) was identified.

"Considering the ongoing sales trend and the number of days cover currently being maintained by the OMCs, we foresee product availability challenges in various pockets of the country in days to come, due to inadequate imports and limited local avails," it added.

It urged OGRA to look into this matter and issue necessary directives to importing OMCs, “for strict adherence to their imports plan along with written confirmation in order to avoid any untoward situation.”

Facing growing energy demand, Pakistan heavily relies on fossil fuels to power its economy and a major chunk of its import bill comes from the purchase of petroleum products and other fuels.