OGRA rejects speculations about fuel price hike

ISLAMABAD: Oil and Gas Regulatory Authority (OGRA) on Saturday expressed serious concern over the circulation of speculative reports about an increase in prices of petrol and diesel, ARY News reported.

“It has been observed that speculative prices of petrol and diesel are being reported in the print and electronic media since last evening that is misleading and incorrect,” OGRA spokesman said in a press statement.

He advised the elements, spreading misleading and incorrect information, to avoid disseminating speculative prices of petroleum products in the ‘public interest.’

Earlier in January, Oil and Gas Regulatory Authority (OGRA) denied reports of shortage of diesel and petrol in the country, saying that sufficient stocks were available.

“Sufficient stocks of petrol and diesel are available across the country,” OGRA spokesman Imran Ghaznavi clarified in a press statement.

He said the country had sufficient petrol and diesel stocks for meeting the needs of 18 and 37 days respectively. “Furthermore, ships carrying 101,000MT [Metric Ton] petrol is at berth/outer anchorage,” the spokesman added.

The development came after Oil Companies Advisory Council (OCAC) had asked the federal government to immediately intervene to ensure the timely issuance of letters of credit to import petroleum products to avoid a fuel shortage in the country.