- Oil firms told to avoid hoarding.
- Govt seeks extra crude and refined cargoes.
- Russia imports under consideration.
KARACHI: The government is weighing whether to keep petrol and high-speed diesel (HSD) prices unchanged until March 31, sources said Wednesday, despite the rise in global oil prices, The News reported.
The proposal was discussed with industry representatives during a meeting chaired by Petroleum Minister Ali Pervaiz Malik, where officials asked oil companies to avoid hoarding and maintain steady supplies in the market.
Sources said the minister told participants that the government was working to secure additional cargoes of crude oil and refined petroleum products, including possible imports from Russia, to keep domestic refineries running.
He also indicated that authorities may discourage travel to northern tourist destinations during the Eid holidays as part of fuel conservation measures, amid heightened geopolitical tensions in the Middle East.
Industry officials estimate that recent increases in global crude prices could translate into a rise of around Rs29 per litre in HSD and Rs19 per litre in petrol. They noted that the government absorbed the previous price shock by agreeing to pay Rs23 billion in price differential claims to oil marketing companies, adding that emergency funding has been arranged to cushion consumers.
During the meeting, the minister directed action against oil marketing companies (OMCs) holding more than 20 days of stock but failing to supply the market, as well as those maintaining inventories below the required threshold.
Officials from the Petroleum Division said show cause notices would be issued to non-compliant companies. Separately, National Refinery Limited has secured additional crude supplies from Fujairah, with a 70,000-tonne cargo delivered aboard MT Sargodha on Wednesday.
