Govt assures no immediate Petrol, Diesel shortage in Pakistan

ISLAMABAD: Following the tension in the Middle East and the closure of the Strait of Hormuz, the Pakistani government has decided to take emergency measures regarding the prices and supply of petrol and diesel.

The meeting, chaired by Finance Minister Muhammad Aurangzeb, reviewed the rising prices of oil in the global market and the supply situation.

It was informed in the meeting that the closure of the Strait of Hormuz affected the supply of oil, however, there are sufficient reserves of petrol and diesel in the country and there is no threat of shortage at present. Pakistan State Oil (PSO) has issued new import tenders to meet the domestic demand.

The government has also requested Saudi Arabia to supply oil through an alternative route. In view of the increase in insurance costs of oil tankers, additional costs are being considered for oil companies. The supply of petrol and diesel will be ensured as per the record of 8 months this year.

The meeting also decided to maintain strict vigilance to prevent hoarding and smuggling. “Work from home” proposals are also under consideration to save energy, which can be tried in educational institutions and the corporate sector in March. The possibility of online working two days a week is also being considered in telecom and IT companies.

In view of the fear of a possible fuel shortage, the government is arranging additional cargoes. Petroleum Minister Ali Pervez Malik met the Saudi ambassador and obtained assurances of fuel from Yanbu Port. In addition, a fuel ship from ADNOC will be brought to Pakistan from Fujairah Port.

The All Pakistan Petrol Pump Owners Association has written a letter to the Prime Minister saying that OMCs have started efforts to create artificial shortages and spread panic, which should be stopped. According to the Ministry of Petroleum, Pakistan currently has 25 days of fuel and OMCs are restricted to keep 20 days of stock.

The government has accelerated additional measures in view of the possible shortage of petroleum products so that consumers do not face any problems.