Fearing another hike in POL prices public resorts to panic buying

Islamabad : Once again the ‘rumours’ of another hike in prices of petroleum products forced motorcyclists and motorists to queue up at filling stations for refilling their fuel tanks on Tuesday.

However, the majority of fuel stations put the shutters down as ‘usual’ forcing many motorists and motorcyclists to wander from one filling station to another in search of fuel. All of this happened after the announcement made by Finance Minister Miftah Ismail of another hike in the prices of petroleum products during a business conference.

A representative of the petrol pump association said that the fuel supply has been stopped and tankers have lined up outside the oil depots for refilling.

The official asked the OMCs to restart the supply of petroleum products as if the reserves of the petrol pumps run out, then businesses will be severely affected.

"We are in talks with oil supply companies regarding the matter," he added.

Meanwhile, Chairman, Pakistan Petroleum Dealers Association (PPDA) Abdul Sami Khan said that the reserves of the fillings stations were running short after Finance Minister Miftah Ismail announced another probable hike in petrol prices.

He maintained that the supply to the petrol pumps had not been stopped yet, but due to panic buying at the filling stations, their reserves might be exhausted soon.