Connect with us

Business

Oil industry foresees petrol and diesel shortage, warns OGRA

Published

2 years ago

on

  • Oil Companies Advisory Council informed OGRA about looming shortage in a letter.
  • Under product review, deficit of 210,000 MT of HSD and 147,000 MT of petrol was worked out.
  • Says petrol import corresponding to anticipated sales volume and stock cover has not been booked.

KARACHI: The oil industry has communicated to the government about an expected petrol and high speed diesel (HSD) shortage in the coming days due to inadequate imports and limited local availability, reported The News.

The Oil Companies Advisory Council (OCAC), a representative body of the oil sector, has informed the regulator Oil & Gas Regulatory Authority (OGRA) about the shortage in a letter.

The OCAC said that motor spirit/petrol and HSD imports were finalised after extensive deliberation and allowed to oil marketing companies (OMCs) in line with their demand in product availability review of products for the month of November 2022.

Under product review, deficit of 210,000 MT of HSD and 147,000 MT of petrol was worked out. It was highlighted in the meeting that HSD imports in November might be challenging owing to limited availability in the international market and very high premiums; hence so far, only PSO has booked shipments of 220,000 MT & 10,000 MT by Flow Petroleum.

However, it is alarming to note that petrol import corresponding to the anticipated sales volume and stock cover has also not been booked. The import plan should have been finalised by the importers but, so far, there is a deficit in the import plan, the OCAC letter said.

This critical issue was also highlighted in the meeting held on November 1 with the industry representatives; however, no firm commitments have been received from the importing OMCs in writing, it said.

A few OMCs sales for October have been higher than they expected and have been continuously carrying low stocks since October 2022.

The OMCs, which were supposed to bring imports for use in October, received their shipments in the last week of October; hence, product was not available for use during the month it was intended for. Similarly, the OMCs which were allowed imports in the previous month for use next month have already consumed the parcels in advance, the letter noted.

“Keeping in view the ongoing sales trend and the number of days cover currently being maintained by the OMCs, we foresee product availability challenges in various pockets of the country in days to come, due to inadequate imports and limited local avails,” the OCAC said, requesting the regulator to issue necessary directives to the importing OMCs for strict adherence to import plans to avoid a shortage.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Trade Agreements Worth $10.70 Million Were Signed At Expo For Pakistan And Indonesia To Increase Their Trade With The Support Of SIFC

Published

20 hours ago

on

By

Through the assistance of the Special Investment Facilitation Council (SIFC), Pakistan and Indonesia have reiterated their dedication to improving their economic and commercial ties.

The participation of a Pakistani trade delegation was made possible by Indonesia at a recent trade expo, which resulted in the formation of agreements and memorandums of understanding with a total value of 10.70 million $. In addition to retail items and automobile components, these agreements span industries such as coconut, cocoa, ginger, spices, and retail goods.

As a key step toward improving economic ties, particularly with the Sindh business community, the participation of the group was praised by Tegu Viveko, who is acting as the Consul General of Indonesia.

Abid Nisar, the head of the Pakistan-Indonesia business council, has stated his confidence regarding the possibility of enhanced relations between the two countries, highlighting the historical and cultural origins of the connection.

In its capacity as a member of the G20, Indonesia intends to assist both nations in maximizing the benefits of their partnership in order to achieve better economic stability.

Continue Reading

Business

Pakistan’s textile exports rose by 9.51% to $4.520 billion.

Published

4 days ago

on

By

Pakistan’s textile exports had a 9.51 percent increase in the first quarter of the current financial year (2024-25) compared to the same quarter of the previous year.

The Pakistan Bureau of Statistics (PBS) reported that textile exports from the country amounted to US $4.520 billion during July-September (2024-25), compared to US $4.127 billion during the same period in the previous year (2023-24).

The textile goods that facilitated trade expansion comprised cotton fabric, whose exports rose by 10.20 percent to $523.63 million from $475.187 million, and knitwear, which experienced a 14.13 percent increase in exports to $1,268.908 million from $1,111.818 million.

Other commodities that experienced trade growth included bed wear, with exports increasing by 13.31 percent to $794.972 million from $701.570 million; towels, which rose by 7.04 percent to $261.316 million from $244.134 million; and tents, canvas, and tarpaulin, which grew by 5.43 percent to $28.796 million this year compared to $27.312 million last year.

The export of readymade garments increased by 23.17 percent to $996.831 million from $809.316 million; art, silk, and synthetic textiles rose by 15.79 percent to $96.482 million; made-up articles (excluding towels and bed wear) grew by 12.10 percent to $191.050 million from $170.422 million; and the export of other textile materials surged by 8.73 percent to $187.145 million from $172.112 million.

The textile commodities that had negative trade growth were cotton yarn, with exports decreasing by 48.45 percent, from $315.404 million to $162.579 million, while raw cotton exports fell by 100 percent from 6.621 million to zero during the reviewed months.

The export of yarn, excluding cotton yarn, decreased by 15.15 percent, from $10.096 million to $8.566 million.

In September 2024, textile exports experienced a year-on-year growth of 17.92 percent compared to the same month in the previous year.

Textile exports from the country in September 2024 amounted to US $1,604.481 million, compared to US $1,360.902 million in September 2023.

Textile exports from the country experienced a nominal decline of 2.40 percent in September 2024, compared to the $1,644.333 million reported in August 2024, according to PBS statistics.

Continue Reading

Business

PIA is designated as the official airline of IDEAS 2004.

Published

4 days ago

on

By

PIA has been designated as the official airline of IDEAS 2024. The PIA will utilise its aircraft for the promotion of IDEAS 2024.

In this context, the emblems of IDEAS 2024 have been affixed to two Boeing 777 aircraft and two Airbus planes of Pakistan International Airlines.

The International Defence Exhibition and Seminar (IDEAS) 2024 is scheduled to commence from November 19 to 22 at the Karachi Expo Centre.

The government of Pakistan places significant value on IDEAS. The show draws several delegates and is perceived as a means to promote their local arms trade.

The inaugural IDEAS launch took place in 2000, serving as a platform to promote Pakistan’s indigenous arms manufacturing industry while allowing international suppliers to provide solutions for the needs of Pakistan’s tri-services.

The event, consistently held at the Karachi Expo Centre, attracted forty-five foreign delegations in its inaugural year.

Continue Reading

Trending