ISLAMABAD: Caretaker Minister for Energy, Muhammad Ali, on Tuesday accused Attock Petroleum Limited (APL) – a subsidiary of Attock Oil Company – of not lifting the full stock of petrol and high-speed diesel along with other Oil Marketing Companies (OMCs).

Responding to a question during a press conference, he said Attock Refinery Ltd is itself not lifting the stocks of petrol and HSD, due to which the matter has been referred to the Oil and Gas Regulatory Authority (OGRA).

Attock Refinery Ltd shut down two of its crude distillation plants due to reduced offtake of finished products by OMCs due to OMCs allegedly favouring imported products over ARL's locally-produced POL.

The company disclosed to the Pakistan Stock Exchange Ltd that the dispatch pattern for December 2023 continues to remain depressed as a result stocks of premier motor gasoline (PMG) and high-speed diesel (HSD) have reached a very high level with very little/no ullage in storage tanks, especially PMG.

To manage high stocks of these products, the company has shut two of its crude distillation units temporarily to manage refinery operations.

Accordingly, they would now be operating at throughout of about 60 percent. This if continues would result in curtailment of crude intake from oilfields with adverse effect on associated gas as well.

The company further stated that it has also been intimated to the OGRA that surplus inventories of products are available to meet the market demand.

Copyright Business Recorder, 2023