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Business

Web Desk
May 3, 2020

No need for panic buying fuel, Pakistan has 'sufficient stocks': Petroleum Division

Business

Web Desk
Sun, May 03, 2020
The News/Files

ISLAMABAD: There was no need for people to panic-buy oil products as Pakistan had "sufficient stocks", the Ministry of Energy's Petroleum Division said on Sunday.

The statement was issued following reports speculating on a shortage in the country's fuel reserves.

The Petroleum Division noted that high sales volumes were witnessed on May 1 and 2 "due to sizable reductions in price of POL for which petrol pumps didn't procure POL [petroleum oil lubricants]" from the oil marketing companies (OMCs).

"However, sufficient stocks of petrol (285,000 MTs) and diesel (350,000 MTs) are available to cater the demand of country for next 15 days," read a statement on Twitter.

"Further, PSO's 2 vessels carrying around 50,000 MTs & 55,000 MTs petrol & diesel, respectively, have berthed at Keamari Port & Port Qasim," it added.

This means that the state-owned Pakistan State Oil (PSO) has two ships — carrying 50,000 metric tonnes and 55,000 metric tonnes of petrol & diesel, respectively — ready to be distributed.

"Therefore, the general public need not engage in binge buying as sufficient stocks of petroleum products are available in the country," said the ministry in its statement.

It also noted that it was "working round the clock to facilitate public through dedicated teams to ensure supply and availability of gas and oil" in Pakistan.