File photo. Amer Hilabi—AFP
The Ministry of Petroleum and Pakistan State Oil (PSO) on Friday rebutted reports of a looming fuel shortage in Pakistan, stressing that there were “ample” stocks available to ensure uninterrupted supply for consumers.
In its statement, the Ministry of Petroleum denied warnings of a looming petroleum shortage, stressing that there is no possibility of any shortage as the country has sufficient reserves in stock. It also rubbished the reports as “rumors” spread through social media. It also maintained that diesel storage was at “full” capacity, in line with the “rumors” that had stated that while the country had sufficient diesel reserves, it was facing a petrol shortage.
“PSO would like to dispel the notion of a fuel shortage in the country as is being communicated by certain media outlets,” read the statement issued by PSO and posted to its official Twitter account. “We have ample stocks available in the supply chain as per Oil & Gas Regulatory Authority (OGRA)’s specified day cover,” it said, referring to the mandated 20-day stock that all marketing companies must store.
“Additionally, the ministry and OGRA are monitoring the overall situation regarding product availability by other oil marketing companies so that country’s supply chain continues to be maintained seamlessly,” it continued. “As the national flag bearer, the PSO remains committed to fueling the nation and is ensuring an uninterrupted supply of fuel at its retail outlets nationwide,” it added.
Both the PSO and the Petroleum Ministry have urged media to avoid sharing “rumors” of any shortage, ostensibly to prevent panic buying among the public.
Claims of Pakistan facing a petrol shortage within a month have been circulating for the past week amidst reports of banks refusing to issue letters of credit for the import of petroleum products. Last week, the Oil Companies Advisory Council, which represents refineries and oil marketing companies, told the Ministry of Finance that if the LC crisis were not resolved, they would face a supply chain disruption that could trigger a crisis.
Rebutting these fears, OGRA spokesperson Imran Ghaznavi said they were unfounded as there was “ample” stock of petrol and diesel. “Sufficient stocks of petrol and diesel are available across the country,” he wrote on Twitter. “OGRA strongly rebuts the speculations on petrol/diesel shortages. Useable stocks in the country are good enough for 17 days of petrol and 32 days of diesel,” he added.