The Petroleum Division said on Tuesday that the country has sufficient petrol and High-Speed Diesel (HSD) in stock to meet domestic demand after allowing Oil Marketing Companies (OMCs) to recover Rs10 per litre on HSD for the next two months (November-December 2022) by raising the premium limit to $15 per barrel.
The OCAC had cautioned the federal government about a likely shortage of petrol and HSD in the coming days due to limited imports and limited local availability.
According to the OCAC’s letter to the Oil and Gas Regulatory Authority (Ogra), the gap is due to limited supply and excessive premiums on fuel stocks on the international market.
The Economic Coordination Committee (ECC), led by Finance Minister Ishaq Dar, approved the summary proposed by the Ministry of Energy on Friday (Petroleum Division).
The ministry aimed to secure sustainable HSD imports for November-December 2022 by loading the country’s risk factors of $6 bbl, with an upper limit premium of $15 to the OMCs for pricing computation.
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