Operations of OMCs suspended

KARACHI: The Oil and Gas Regulatory Authority (OGRA) has suspended the operations of five non-listed oil marketing companies.
Usman Riaz at Taurus Securities said the regulatory authority suspended the operations as these OMCs were not maintaining fuel stock of 20 days.
Bakri Petroleum and Askar Petroleum are among the five companies whose operations have been suspended.
Earlier in 2011, the Oil and Gas Regulatory Authority has suspended the licences of seven oil marketing companies and imposed a fine of Rs3 million each on account of breach of licence and conditions, under which OMCs should maintain a fuel stock of 20 days. Despite several attempts, Ogra officials could not be contacted for comment.