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ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA), on Wednesday, directed the Oil Marketing Companies (OMCs) to build up their stocks of petrol and diesel as per law ahead of harvesting season in the country.

The regulator directed all the OMCs to build up their stocks of petrol and diesel upto minimum 20 days owing to the start of harvesting season in the country.

Adequate oil stock is available in the country; however, keeping in view the harvesting season, OMCs are advised to maintain and top up their stocks just as a precautionary measure to cater the demand of harvesting, which is a routine practice.

High demand for motor gasoline and high-speed diesel has been witnessed since April 1, 2020, which is due to the progressing harvesting season across the country.

Petroleum and lubricant sales already clocked in at 1.49 million tons in March 2021, depicting a growth of 44 percent on year-on-year basis, which is expected to increase further due to harvesting season of wheat.

Pakistan imports 70 percent of its crude oil from Saudi Arabia, while the rest is sourced from Abu Dhabi, UAE.

Copyright Business Recorder, 2021

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