PSO reveals facts behind artificial fuel crisis

KARACHI: Pakistan State Oil (PSO), the state-owned petroleum company, on Wednesday revealed the facts behind the ongoing artificial fuel crisis, ARY News reported.

According to the PSO, most of the oil marketing companies, operating in the country, did not have 21 days reserves of the petroleum products in April despite the companies were bound by licensing requirements to ensure a minimum of 21 days of consumption cover of all petroleum products at all times.

The state-owned petroleum company said that when the demand for petroleum products increased in May, the companies had only two to three days of fuel stock and all the burden had shifted to the PSO.

During the period, the oil companies were reluctant to buy the petroleum products, PSO said and urged the government to take stern action against the oil companies.

Read More: Govt forms committee to probe petrol crisis

Earlier today, the federal government had formed an investigation committee to probe the ‘artificial’ petroleum shortage in the country.

According to details, the investigation team would look into the causes of hoarding and black market behind the petroleum crisis.

In this regard, the probe committee had directed CEO’s of three oil companies to appear before the investigation team on Thursday. The three companies include Hascol Petroleum Limited, Shell and GO Oil Company. The inquiry committee would examine the existing reserves of the three oil companies.