ISLAMABAD – Oil and Gas Regulatory Authority (OGRA) has rubbished the reports of fuel shortage in the country, saying adequate petrol and diesel stock is available to meeting domestic needs.
OGRA spokesman Imran Ghaznavi issued the statement as speculation was rife that some pockets in Punjab are facing acute shortage of diesel and petrol.
He said that OGRA in collaboration with law enforcement agencies and district management is closely monitoring the situation.
Anyone found involved in hoarding or short supply of fuel in order to create artificial shortage will be dealt with as per law, he warned.
Earlier, reports claimed that panic buying of petroleum products erupted after Pakistan agreed with the International Monetary Fund’s condition to withdraw subsidies on oil and power in order to revive $6 billion loan programme.
The agreement triggered fear of hike in petroleum products, forcing consumers to make panic buying that caused artificial fuel shortage in the country. The shortage hit the Punjab at a time when harvesting season is on the peak.
Experts are of the view that the government should make announcement about revised prices of petroleum products as soon as possible in order to end the artificial shortage.
During the talks, Pakistan and IMF also agreed to extend the stalled bailout programme by up to one year and increase the loan size to $8 billion.
Courtesy: Daily Pakistan