NCMC meeting takes comprehensive review of petroleum stock

A meeting of National Coordination and Management Council (NCMC) took comprehensive review of petroleum stocks and all stake holders told the meeting that there were ample reserves of petroleum products in the country and there was no need of panic buying.

Federal Minister for Petroleum Ali Pervaiz Malik, members of the NCMC and the Oil Companies Advisory Council (OCAC), the Member (Customs) of the FBR, OGRA, and relevant agencies attended the meeting.

During the meeting, a comprehensive review of the availability of petroleum products was conducted and concerns regarding supply raised by OCAC representatives were reviewed and addressed.

The NCMC noted that an extraordinary surge in the sales of petroleum products during the first 15 days of July raised concerns regarding supply. An analysis by OGRA highlighted fears of hoarding in anticipation of potential price hikes. The NCMC directed OGRA to ensure effective enforcement against hoarding. The provincial governments were also directed to curb hoarding and ensure the uninterrupted supply of petroleum products to the public. NCMC directed all relevant agencies to maintain a continuous and uninterrupted supply of petroleum products across the country.