Checking Stocks: Ogra to issue Unique ID to oil retail stations
Ibn-e-Ameer
Oil and Gas Regulatory Authority (Ogra) is going to issue a unique ID to each oil retail station to maintain a check on stocks. It will help Ogra to keep an eye on oil stocks.
This will help examine the stocks retail outlets would be maintaining during sales of petroleum products.
The Ogra is going to take this measure in wake of the oil crisis the country faced at different times.
The federal investigation agency (FIA) is probing the shortage of petroleum products.
The consumers had faced an oil crisis in June last year.
It had also arrested two officials of the Petroleum division including Director General (DG) Oil. It had also detained top retired officials of Ogra.
The regulator had alleged these companies for curtailing oil supplies following a sharp cut in oil prices.
They reduced oil supplies to avoid inventory losses despite the fact they make gains when oil prices go up. Ogra had taken notice of reduced oil stocks.
The OGRA has recently briefed the cabinet committee on energy (CCoE) on establishing a Monitoring system.
It will maintain a check on the sale of petroleum products.
The regulator is developing a comprehensive integrated system to monitor petroleum products. It will maintain a check from the stock of oil refineries to oil terminals and retail outlets.
Asad Umar Chairman CCOE said different countries were using such systems. He suggested implementing it in Pakistan as well. It will ensure visibility and monitoring of stocks.
The Chairman OGRA informed they would issue a unique ID for each retail station shortly. Each outlet will display it like vehicles number plates, to eliminate illegal outlets.
Cabinet body members had also suggested issuing a registration certificate.
The certificate will contain all details of the outlet, to each retail station, as well. They said that the regulator should ask stations to display them at some visible location.
It will give an option to the customers to check the authenticity of any retail outlet from the OGRA website. The CCoE agreed that end-to-end use of technology for reporting stocks/inventories is essential.
They will help avoid a fictitious sale of petroleum products in the country.
It will also ensure effective monitoring of the oil supply chain from port to retail outlets. The Cabinet Committee on Energy (CCoE) noted the presentation.
Ogra presented a report on the status of changes in the Rules to Redefine Punitive Measures and fines. It directed OGRA to expedite the process of approval of the proposed draft amendment.
The regulator will send the draft to the Cabinet Division for further action.
