OCAC, OGRA warn Govt of POL products hoarding due to potential increase in prices

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) and the Oil Companies Advisory Council (OCAC) have reportedly alerted the government to possible hoarding of petroleum products across parts of the country, amid expectations of a potential increase in prices, raising concerns over artificial shortages and market manipulation.
The issue of shortage and price manipulation came under discussion at a meeting of National Coordination and Management Council (NCMC) which met on Thursday to holistically review the availability of petroleum products across the country. The meeting was attended by representatives of the Oil Companies Advisory Council (OCAC), Member Customs FBR, OGRA, and other relevant stakeholders. The Committee noted that sufficient petroleum product stocks are available in the country to meet the prevailing demand.
During the meeting, the supply-side challenges highlighted by the representatives of the OCAC were discussed and addressed. The Committee observed that the concerns raised by OCAC primarily stem from an abnormal increase in petroleum product sales during the first 15 days of July. Analysis presented by OGRA also indicated the possibility of hoarding in anticipation of a potential price increase.
The NCMC emphasized that OGRA’s enforcement mechanism should play a more proactive role and urged provincial governments to ensure that there is no hoarding and that petroleum products remain readily available to the general public without any inconvenience.
The Committee reaffirmed that petroleum product stocks in the country are sufficient and directed all relevant stakeholders to maintain uninterrupted supply across the country.