Business

Check on hoarding: Govt to launch online tracking system of sale and stocks

Aftab Ahmed

Islamabad: Federal Minister for Petroleum Omar Ayub on Saturday said that government was working installing online tracking system of sale and stocks of oil marketing companies to check hoarding the stocks.

He said that Oil and Gas Regulatory Authority (Ogra) would handle this system.

He said that sale of petrol was increased by 92 per cent during first ten days of June despite there was lack down and movement was slow. He further said that there 500 illegal licenses of retail outlets and government was going to take action against them. He said that government had asked OMCs to provide list of their licenses retail outlets and illegal pumps would be closed. He said that these pumps were being used to hoard the product.

He said that petrol prices rose sharply by 112%, while the government has given relief to the public by only raising its price by 25%.

Addressing a press conference with Special Assistant for Petroleum Nadeem Babar here, he said that that prices in Pakistan are the lowest in Asia. He contrasted his government’s performance with PML-N’s tenure, where prices of petroleum products increased by 31% in a single month.

The Petroleum Minister said that the prices of petrol and diesel in Pakistan are still relatively low, as Imran Khan’s first priority is securing the interests of the public. He said that on the PM’s direction, the duration for revising petrol prices has now been set at 35 days.

The Minister said that we are in a struggle with the mafias and the hoarders. He reiterated that Pakistan has the lowest prices of petrol and diesel in Asia. Compared to that, PML-N, during the period of June, July and August, increased prices by 31% even though fuel prices did not rise in the international market.

Special Petroleum Assistant Nadeem Babar said that before February 28, the price of petrol was Rs116.60. In May, PSO bought petrol at USD 21 a barrel, but in June, that rose to USD 44.

The Petroleum Adviser said that the current price of petrol in India is Rs180 per liter, Rs137 in China, Rs174 in Bangladesh, Rs108 in Indonesia and Rs196 in Japan.

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