KARACHI: The Oil Companies Advisory Council (OCAC), the primary representative of the downstream oil industry, has reported that ample stocks of motor spirit (MS) and high speed diesel (HSD) are available in the country owing to the support of refineries in providing locally produced fuel products, and OMCs for planning imports and meeting volume commitments timely, despite the limited product availability in the international market due to geopolitical tensions.
Since HSD sales have drastically soared in the country due to the harvesting season, OCAC is actively trying to manage the increased demand in consultation with the industry, the Oil and Gas Regulatory Authority (OGRA) and the Ministry of Energy (Petroleum Division).
As per requirements for uninterrupted fuel supply in the country, cargoes carrying sufficient HSD volumes are already waiting near the port and will be discharged on their due turn, while other planned cargoes are expected to arrive soon.
Similarly, Motor Gasoline reserves are sufficient to meet the country’s demand, while additional volumes are coming in through planned imports.
Commenting on the situation, OCAC Secretary General Dr Nazir Abbas Zaidi said that Pakistan is an energy-deficient country; therefore deficiencies in fuel supplies are removed through imports.
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As a result of the constantly rising import volumes and infrastructure constraints, there are challenges at ports owing to congestion/bunching of vessels, etc. However, OCAC is effectively striving to handle these challenges in collaboration with OGRA by suggesting recommendations to ensure that the fuel supplies remain streamlined, Mr Zaidi said.
It is vital to avert uncertainty and abnormal buying patterns amidst ambiguous speculations, he said.
The OCAC chief reiterated that there is ample inventory of fuels in the country, including cargoes waiting off-port and other vessels lined up to arrive soon. Therefore, the citizens are requested to buy fuel products as per regular demand and not let ambiguity translate into desperate bulk buying, he added.
Copyright Business Recorder, 2022