The National Coordination and Management Council (NCMC) on Thursday noted that sufficient petroleum product stocks were available in the country to meet the prevailing demand.
Sufficient petroleum stocks available to meet demand: NCMC
ISLAMABAD, Jul 16 (APP): The National Coordination and Management Council (NCMC) on Thursday noted that sufficient petroleum product stocks were available in the country to meet the prevailing demand.
The meeting was convened to comprehensively review the availability of petroleum products across the country. Representatives of the Oil Companies Advisory Council (OCAC), the Federal Board of Revenue (FBR) Customs Wing, the Oil and Gas Regulatory Authority (OGRA), and other relevant stakeholders attended the meeting, according to a news release.
During the meeting, the supply-side challenges highlighted by OCAC representatives were discussed and addressed.
The committee observed that the concerns raised by the OCAC primarily stemmed from an abnormal increase in petroleum product sales during the first 15 days of July.
An analysis presented by OGRA also indicated the possibility of hoarding in anticipation of a potential price increase.
The NCMC emphasized that OGRA’s enforcement mechanism should play a more proactive role and urged provincial governments to ensure there is no hoarding and that petroleum products remain readily available to the public without inconvenience.
The committee reaffirmed that petroleum product stocks in the country are sufficient and directed all relevant stakeholders to ensure an uninterrupted supply across the country.
