ISLAMABAD: The Petroleum Division officials have informed the Senate Standing Committee on Petroleum about the available stock of petrol and diesel amid supply concerns in Pakistan.
In the Senate Standing Committee on Petroleum meeting, Petroleum Division officials gave a formal briefing and responded to concerns regarding the shortage of petroleum products in the country.
Petroleum Division officials said that the reason for the high cost of petrol was the implementation of a levy of Rs 117 per litre, diesel became 48 per cent more expensive and petrol 56 per cent more expensive after the war.
On this occasion, Senator Saifullah Abro inquired whether the entire levy has to be spent on the war.
Petroleum Minister Ali Pervez Malik replied that this is not the case; the International Monetary Fund (IMF) has fixed a levy of Rs 80 on petrol and diesel, which must be met.
He added that expensive petroleum products should also be purchased to ensure petroleum stocks. Pakistan does not have strategic stocks of petroleum products.
The Federal Minister also said that the petroleum stocks are with the companies, and the prices of petrol and diesel will be deregulated.
On this, Senator Saifullah Abro said that the war started on February 28, you had stocks of 580,000 tons of petrol, these petrol and diesel were purchased at cheap rates, the companies got this profit on cheap oil.
The Petroleum Minister told the participants that we also had to maintain oil stocks. We will provide you with the data of each company. The FIA is also looking into the matter.
He said that Saudi Arabia and Abu Dhabi helped in petroleum supply during the war, and they are providing gas to fertilisers so that there is no food security crisis.
Petroleum Division officials told the meeting that urea is available in Pakistan, but DAP fertiliser can become a problem. We have taken out the first cargo from Qatar with great difficulty, and we are reducing spot purchases because it is very expensive.
