Karachi (Commerce Desk): The country is facing a risk of petrol and diesel shortages due to limited fuel stocks. The Oil Companies Advisory Council has written an urgent letter to the Federal Petroleum Minister and the OGRA chairman, informing them of the situation.
According to OCAC, the country has petrol stocks remaining for only 18 days and diesel stocks for 27 days. Due to limited funds available for oil imports, companies are also finding it increasingly difficult to maintain the required stocks.
The council said the government owes oil marketing companies Rs66.7 billion. The amount is outstanding in the form of price differential claims and company margins, increasing their financial difficulties.
According to OCAC, companies are selling petrol and diesel from their existing stocks to make payments to banks and oil suppliers. The amount owed by the government is approximately equal to the value of five petrol cargoes.
OCAC Secretary General Nazir Abbas Zaidi said the government had promised to clear the dues within 15 days, but the amount has not been paid despite six months having passed. He said there has also been no adequate progress on the matter at OGRA.
OCAC has demanded that OGRA immediately release the amounts for pending claims to ease the financial difficulties faced by companies and ensure that petrol and diesel imports are not affected.
The council further said that oil dealers’ margins have already been increased, but the Rs1.22-per-litre margin of oil marketing companies has not yet been increased.