Govt says Pakistan has adequate fuel stocks, rules out shortages

ISLAMABAD: The National Coordination and Management Council (NCMC) on Thursday confirmed that Pakistan has sufficient petroleum product stocks to meet prevailing demand and directed all relevant stakeholders to ensure uninterrupted fuel supplies across the country.

The assurance came during an NCMC meeting chaired by Federal Minister for Petroleum Ali Pervaiz Malik to review the availability of petroleum products nationwide. The meeting was attended by NCMC members, representatives of the Oil Companies Advisory Council (OCAC), the Federal Board of Revenue's Customs Wing, the Oil and Gas Regulatory Authority (OGRA), and other relevant stakeholders.

After reviewing the country's petroleum supply position, the committee noted that sufficient petroleum product stocks are available to meet existing demand and reiterated that uninterrupted fuel supplies must be maintained across the country.

During the meeting, OCAC representatives highlighted supply-side challenges facing the petroleum sector. However, the committee observed that these concerns primarily stemmed from an abnormal increase in petroleum product sales during the first 15 days of July.

OGRA informed the meeting that its analysis indicated the unusual increase in sales could be linked to hoarding in anticipation of a possible increase in petroleum product prices.

Taking notice of the situation, the NCMC emphasized that OGRA's enforcement mechanism should play a more proactive role in preventing market distortions. It also urged provincial governments to strengthen monitoring and ensure there is no hoarding of petroleum products, allowing consumers uninterrupted access to fuel.

The committee reaffirmed that petroleum product stocks in the country remain adequate and directed all relevant stakeholders, including regulators, provincial authorities, and the oil industry, to maintain an uninterrupted supply chain and ensure the continuous availability of petroleum products across the country.

The meeting came at a time when international oil markets remain volatile due to escalating tensions in the Middle East, raising concerns over the potential impact on global energy supplies. Against this backdrop, the committee sought to reassure consumers and the market that Pakistan has adequate petroleum stocks and that the country's fuel supply chain remains secure.