PSO reveals shocking facts behind the ongoing ‘artificial’ fuel crisis

Most of the oil marketing companies, working in the country, did not have 21 days of stocks of petroleum products in April- PSO

PSO

The state-owned petroleum company, Pakistan State Oil (PSO), has revealed the facts behind the ongoing artificial fuel crisis.

According to the PSO report, most of the oil marketing companies, working in the country, did not have 21 days of stocks of petroleum products in April. However, the companies were obliged by licensing conditions to ensure a minimum of 21 days of consumption cover of all petroleum products at all times.

The report added that when the requirement for petroleum products increased in May, the companies had only a few days of fuel stock, and all the burden had shifted to the PSO.

During this period, the oil companies were unwilling to buy petroleum products as they had bought the oil at higher prices and did not want to sell it at a loss. The PSO then urged the government to take strict action against the oil companies.

In this regard, the federal government had constituted an inquiry committee to probe the ‘artificial’ petroleum shortage in the country.

According to details, the probe team would look into the causes of hoarding and black market behind the petroleum crisis.

The investigation committee had ordered the CEOs of three oil companies to appear before the investigation team on Thursday. The companies include Shell, Hascol Petroleum Limited, and GO Oil Company. The committee will investigate the existing resources of the three oil companies.

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