Thursday June 08, 2023

Consumer relief

July 05, 2022

Whenever petroleum prices rise, OMCs and petrol pump owners get a quantum boost in their profits overnight, with no benifit for the government until the new supplies from the refineries or OMC depots are made. It would be worthwhile if on the date of a price change, complete inventories at pumps and depots are recorded and accounted for and that consumers are the beneficiaries of differential money after the price change until the old stocks end.

This might appear tedious but it is not impossible. Most OMCs keep a tight check on the petrol pumps and record the quantities delivered vs the quantities sold almost on a daily basis in order to prevent any adulteration and maintain sufficient inventory levels at pumps. Same in reverse can be applied to the price decrease. The incumbent government should consider this policy.

Engr Asim Nawab