ISLAMABAD: Oil and Gas Regulatory Authority (OGRA) on Monday imposed a total penalty of Rs15 million on three Oil Marketing Companies (OMCs) for creating artificial fuel shortage in the country.
“OGRA imposed a penalty of Rs5 million each on Byco, Aksar and BE Energy on show cause notices issued during the oil shortage crisis earlier this month,” said the OGRA spokesperson.
The oil and gas regulatory authority also issued a show-cause notice to the three companies and directed them to submit a reply within 24 hours.
Earlier on June 11, OGRA had issued show cause notices to Byco, Askar and BE Energy for violation of license conditions seeking explanation from them within 24 hours.
OGRA had also imposed a penalty amounting to a total of Rs40 million on six OMCs in relation to the oil shortage in the country.
The regulatory body had imposed a penalty of Rs10 million each on Shell and Total Parco and Rs5 million each on Puma Energy, Go, Hascol and Attock, while making it clear that more penalties can be imposed if violation by the OMCs continues.
These penalties are just peanuts as compared to profits earned by these cartles by hoarding and artificial shortages.