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January 21, 2015

Reduction in prices from Feb 1

Top Story

January 21, 2015

ISLAMABAD: Following a further decrease in the price of petrol by Rs5 per litre from February 1, 2015, the price of motor gasoline is for the first time going below the price of Compressed Natural Gas (CNG), triggering a new wave of petrol crisis in the Khyber Pakhtunkhwa (KP) and Karachi.
Pre-empting the escalating petrol crisis, the Ministry of Petroleum and Natural Resources has devised a strategy to cope with the expected shortfall in the KP and Karachi that will appear in the wake of an increase in the demand of petrol as people there will prefer to use petrol instead of CNG.
The ministry is now poised to arrange more petrol of 1,000 tons each for Karachi and the KP. A senior official at the Ministry of Petroleum and NaturalA senior official at the Ministry of Petroleum and Natural Resources told The News that there will be no more crisis in the Punjab in case there is further reduction in petrol prices.
When contacted, Minister of Petroleum and Natural Resources Shahid Khaqan Abbasi confirmed the development, saying that CNG prices price will for the first time be more than the price of petrol from February 1 and naturally the consumers will prefer petrol to the CNG in the KP and Karachi. This will increase the demand of petrol and the government will have to arrange more petrol for the two areas.
The minister turned down the impression developed in Sindh that huge quantum of petrol from the quota of Karachi has been shifted to Punjab, saying the Pakistan State Oil (PSO) has 147 outlets and there is no shortage. The minister said he assured the Sindh finance minister on Tuesday morning that no petrol from quota of Karachi has been shifted to Punjab. “This is absolutely rubbish and blatant lie.” However, a day before the panic buying had started in the wake of the statement of one office-bearer of the dealers association, Sami Khan, in which he said that the association will not provide POL products to the outlets of all Oil Marketing

Companies (OMCs) as the government has opened the CNG stations for 7 days a week in Karachi.
Earlier the CNG stations in Sindh were allowed to operate for three days a week. Sami Khan was of the view that CNG availability round the clock will hamper their business. The minister said that there is no shortage of petrol in Karachi. Karachi requires 800 tons per day for consumption. However, the PSO has the petrol in stock of 31,000 tons for Karachi.

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