The Petroleum Division has feared the country’s acute shortage of petroleum products, as prices are likely to rise in July.
According to info, the Oil and Gas Regulatory Authority (OGRA) has been asked by the Petroleum Division to guide oil marketing companies (OMCs) to ensure an sufficient fuel stock at all retail outlets, in addition to binding OMCs to maintain at least 20-day stock in depots.
In its letter recently sent to the chairperson of OGRA, the division cautioned against the hoarding of petroleum products, saying that OMCs may curtail supplies to their retail outlets “to acquire financial benefit from the expected price increase of petroleum products effective as of 1 July 2020.”
It also asked OGRA to deploy vigilance teams across the country to verify stocks of OMCs at depots / terminals / retail outlets in order to ensure uninterrupted suppliers to the retail outlets. The government on Sunday had lowered the price of petrol by Rs7.06 per litre to provide relief to consumers amid COVID-19.
The price of petrol was slashed from Rs81,58 per liter to Rs74,52 per liter. While that of kerosene oil dropped from Rs47,44 per liter to Rs35,56 per liter. The price of light diesel oil dropped from Rs47,51 to Rs38,14. High-speed diesel prices, however, had seen a nominal rise of Rs0.05, from Rs80.10 per liter to Rs80.15 per litre.
Extracted from City42 News