Centre orders monitoring of petrol stations amid hoarding concerns

ISLAMABAD: The Centre on Thursday asked all the provincial governments to ensure physical inspection and monitoring of retail petrol stations through respective deputy commissioners to avoid hoarding of petroleum products for undue profiteering.

The government also appointed Hamed Yaqoob Sheikh, a grade-22 officer of the Pakistan Administrative Service, as the Petroleum Division secretary — a post lying vacant for the past couple of months. Shaikh, a former secretary of finance and planning, was working as the national food security secretary.

In an announcement, the Oil and Gas Regulatory Authority (Ogra) said the government had assured the public that the country currently held sufficient stocks of petroleum products to meet national demand and there was no need for panic buying or hoarding.

It should be noted that the government is currently mulling shifting the petrol pricing mechanism from the current fortnightly basis to a weekly basis.

It is also considering providing full financial cover to oil marketing companies (OMCs) to ensure sufficient product imports, and also shifting the government and private sector to work-from-home to minimise oil consumption.

Latest estimates suggest petrol and diesel prices could go up by Rs25-50 per litre if the weekly price revision comes into effect from March 8.

Meanwhile, Ogra also said that in light of the prevailing geopolitical situation, authorities were closely monitoring the supply chain to ensure the uninterrupted availability of petroleum products across the country.

“The existing stock position remains comfortable and well within the prescribed requirements,” it said.

The regulator warned strict action would be taken against any individual or entity found involved in illegal hoarding or storage of petroleum products at unauthorised locations, particularly at places other than duly licensed oil depots and retail outlets of OMCs.

According to Ogra, any premises found........

© Dawn Business