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Fuel crisis looms as prices likely to go up in July

Fuel crisis looms as prices likely to go up in July

ISLAMABAD: The Petroleum Division fears hoarding of petroleum products resulting in fuel shortage in the country as the prices are likely to go up in July.

According to details, Petroleum Division has written a letter to Oil and Gas Regulatory Authority (OGRA) amid fears of petroleum hoarding. The division, in its letter, has said that OGRA, being a regulator, should issue appropriate directions to the companies and take steps to avoid fuel shortage in the country.

According to the documents, Petroleum Division has asked OGRA to bound oil marketing companies to maintain 20-days stock and teams should be formed to inspect depot terminals and retail outlets of the companies.

Government on Sunday reduced price of petrol by Rs7.6. A statement issued by the Finance Ministry said that the government has reduced the price of petrol by Rs 7.6 per liter in response to the cuts in prices of petroleum products worldwide. Now the new price of petrol will be Rs 74.52 per liter.

On the other hand, Special Assistant on Political Communication Dr. Shahbaz Gill says the government has reduced prices of petroleum products up to 56.89 rupees per liter on the direction of Prime Minister Imran Khan during the lockdown.

In a tweet on Monday, he said petrol prices have been slashed by 37 rupees per liter, high speed diesel 42 rupees, kerosene oil 57 rupees, and light diesel 39 rupees during the last two months.