The Pakistan Industrial and Traders Association Front (PIAF) has appreciated the Oil and Gas Regulatory Authority (Ogra) for taking action against companies responsible for fuel scarcity.

It also called for taking notice of the record jump in oil prices, which were announced out of schedule, PIAF Chairman Mian Nauman Kabir, in a joint statement with senior vice chairman Nasir Hameed and vice chairman Javed Siddiqi, welcomed the move by the oil regulator, imposing Rs5 million penalty each on three oil marketing companies (OMCs) after they were found involved in creating artificial shortage of petrol in the country by hoarding the commodity.

Mian Nauman Kabir observed that the fuel shortage, especially of gasoline, had caused serious difficulties to businesses as well as citizens for almost the whole month across Pakistan, as long queues of motor riders at fuel stations were also seen to fill their vehicles' tanks.

The fuel shortage started because of the short supply to the fuel stations by the private oil companies after the central government reduced fuel prices in the start of this month.

He said most of fuel stations across the country have been closed by the owners, while the fuel stations, which had the stock increased the prices of the commodity by more than 100 percent.