Karachi: Ministry of Energy directed Pakistan State Oil (PSO) to increase oil import immediately and improve their supplies to meet market’s demand.
“PSO has been instructed to increase their imports and supplies to meet projected demand, ” Ministry of Energy announced in a tweet.
Market experts said PSO will be importing oil at a time when OPEC basket is around $38 per barrel. Interestingly, Petroleum Division suspended oil import in April though oil prices were moving down and OPEC countries were offering oil at discount rate. Buying oil above $30 will increase petroleum prices at least PKR 2 per litre in Pakistan.
Meanwhile, Oil and Gas Regulatory Authority has issued show cause notices to six Oil Marketing Companies. OMCs were asked to explain reasons of oil shortage at their pumps despite ample supply of oil in the country. OMCs, on the other hand, blamed Petroleum Division for the shortage as they were not allowed to import oil in April.
Petroleum Division suspect foul play in the shortage. “Petroleum Division emphatically state that there is ample stock of oil present in the country, ” Petroleum Division said in a press release.