Petroleum Crisis Is Likely To Be Worst In July, Petroleum Division Warns Ogra

Petroleum crisis is likely to be worst in July, Petroleum Division warns Ogra

Petroleum crisis is likely to be worse in July, Petroleum Division warns Ogra Sources say shortage of petroleum products amid fears of hoarding could lead the prices high during the next month of July.

ISLAMABAD: (UrduPoint/Pakistan Point News-June 2nd, 2020) The Petroleum Division feared the shortage of petroleum products as the prices were likely to go up in July, the sources said here on Tuesday.

The sources said that Petroleum Division wrote a letter to Oil and Gas Regulatory Authority (Ogra) as it feared hoarding of petroleum products. It asked OGRA to issue appropriate directions to the companies and take steps to avoid fuel shortage in the country.

Petroleum Division also 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.