ISLAMABAD: Despite widespread rumours that the price of petroleum products is likely to rise, the nation is once again experiencing an oil shortage, primarily due to stockpiling and the failure of numerous corporations to import the commodity.
The government raised the price of gasoline and diesel by Rs35 per litre just a few days before to the planned period for the modification of oil prices, evidently bowing in to hoarders rather than taking action against them.
Some gas stations have currently ceased supplying consumers with fuel because they intend to keep the good and resell it when the price is projected to rise in the near future.
According to sources, the nation has enough supplies of gasoline and diesel to cover demand for the next 20 days or so.
They said that just six prestigious businesses now held petroleum product inventories: Pakistan State Oil, Total, Go, Shell, and APL. Out of the 9,800 gasoline pumps in the nation, six corporations operate a network of 6,000 retail locations.
Due to difficulties opening LCs to supply the remaining 3,800 retail outlets, the remaining oil marketing companies were unable to import petroleum products.
Industry leaders pointed out that the weight of 3,800 retail stores had also been transferred to the stores of six corporations, warning that the IMF agreement could extend the current crisis because there was no money available to import petroleum goods.
The State Bank of Pakistan’s governor and the petroleum division had already been warned by the Oil Companies Advisory Council (OCAC) that an impending oil crisis was due to difficulties in opening Letters of Credit (LCs) to import petroleum products.
