The Ministry of Energy’s Petroleum Division on Tuesday dismissed reports over an impending fuel shortage, terming the news “contrary to facts”. The ministry in a post on its Twitter handle informed that as of November 7, 2022, petrol stocks were around 550,000 metric tons (MT), which is sufficient for 21 days.
“Diesel stocks are 438,000MT, adequate for 15 days, based on Oil Companies Advisory Council’s (OCAC) stock position,” it said.
Earlier on Tuesday, the Oil and Gas Regulatory Authority (OGRA) regarding the looming shortage of diesel stocks in the country.
In a statement, OGRA spokesman Imran Ghaznavi rejected news appearing in certain sections of the media about the shortage of diesel in the country, terming it “incorrect and misleading”.
“Sufficient diesel stocks are available in the country to cater to the necessary demand,” Ghaznavi said in a brief statement.
The spokesperson added that reports about “limited stocks” of diesel in the country were “not correct”.
The statements come after OCAC, a representative body of the downstream oil industry,in the coming days owing to inadequate imports and limited local availability.
OCAC, in a letter sent to the Oil and Gas Regulatory Authority on November 3, a copy of which is available with Business Recorder, said that during a product review meeting for the month of November held on October 13 and 14, a deficit of 210,000 MT of High-Speed Diesel (HSD) and 147,000 MT of Motor Spirit (MS) was identified.
“It was highlighted in the meeting that HSD imports in November might be challenging owing to limited availability of molecules in the International market and very high premiums; hence so far, only PSO has booked laycans of 220,000 MT and 10,000 MT by Flow Petroleum.
However, it is alarming to note that MS import laycans corresponding to the anticipated sales volume and stock cover have also not been booked,” said OCAC in its letter.
“Considering the ongoing sales trend and the number of days cover currently being maintained by the OMCs, we foresee product availability challenges in various pockets of the country in days to come, due to inadequate imports and limited local avails,” it added.
It urged the Oil and Gas Regulatory Authority to look into this matter and issue necessary directives to importing OMCs, “for strict adherence to their imports plan along with written confirmation in order to avoid any untoward situation.”