ISLAMABAD-The Oil and Gas Regulatory Authority has failed to enforce the maintenance of prescribed storage of petroleum products by the oil marketing companies (OMCs), said petroleum division.
While briefing the Economic Coordination Committee (ECC) of the Cabinet, secretary petroleum informed OGRA was responsible to enforce maintenance of prescribed storage capacity of petroleum products by the OMCs, however, it has failed to do so, official documents available with the Nation revealed. The country had faced oil shortage during June and July this year as the OMC didn’t maintain their prescribed storage.
The Economic Coordination Committee of the Cabinet meeting had approved the revised pricing mechanism for petrol (motor gasoline) and high speed diesel (HSD) based on fortnightly plats average.
The new price mechanism for petrol and high speed diesel (HSD) will be effective from September 1, 2020. As per the decision, the petroleum prices will be twice determined during a month. On each 1st and 16th of the month new prices will be effective.
