Ogra advises oil marketing companies to ensure upkeep of mandatory 20-day stock levels
Finance Minister Muhammad Aurangzeb chaired the first conference of the committee in the Finance Division. An official statement stated that the committee conference was gone to by senior representatives from essential federal ministries, regulative authorities, and energy sector experts. The committee revealed fulfillment that Pakistan currently held appropriate stocks of petroleum products and there is no instant danger of supply disruption. However, members emphasised the requirement for continued caution given the rapidly changing local context. To make sure prompt action and effective coordination, a working group will monitor advancements on a day-to-day basis, and the full committee will satisfy weekly to review the circumstance and submit suggestions to the prime minister. The committee has been turned over with the tasks to closely monitor the forward/futures costs of petroleum items and the predictability of supply chain in view of the current dispute in the region. IT will also determine Forex implications of cost volatility for the medium and brief term. According to the terms of referral of the committee, it will recommend a plan (if needed) to ensure that there are no supply disruptions and the market is well provided and bring out in-depth analysis of the fiscal effect, in the occasion of a drawn-out conflict. The Petroleum Department has been designated to offer secretarial assistance and make sure efficient application of the committee’s mandate. The government stays fully committed to keeping energy security, stabilising markets, and protecting the national interest during this vital time, included the statement.
The Oil and Gas Regulatory Authority (Ogra) on Saturday recommended all oil marketing companies (OMCs) to guarantee the maintenance of their obligatory 20-day stock levels amid the impact of the Iran-Israel conflict on international oil supply. In a declaration released today, the authority’s spokesperson said: “Ogra has confirmed that the country currently holds enough stocks of petroleum products to meet existing demand. However, in view of expected future requirements and the prevailing market situation, Ogra has formally recommended all oil marketing companies (OMCs) to ensure the maintenance of their compulsory 20-day stock levels, in line with the conditions specified in their respective licences.” The representative said Ogra remained committed to keeping an eye on the situation carefully and would continue to take proactive actions to make sure nationwide energy security. A high-level conference on Monday reviewed petroleum items costs and supply dynamics in response to the developing geopolitical scenario following Israel’s recent attack on Iran and the resulting volatility in the international oil markets. The committee was constituted by Prime Minister Shehbaz Sharif with a job to monitor petroleum product pricing and supply dynamics. Financing Minister Muhammad Aurangzeb chaired the first meeting of the committee in the Financing Division. A main announcement said that the committee meeting was attended by senior agents from crucial federal ministries, regulatory authorities, and energy sector specialists. The development of this committee reflects the federal government’s proactive technique to protecting nationwide energy interests and ensuring market stability throughout a time of heightened global uncertainty. During the meeting, the members examined the domestic and global petroleum market circumstance. The committee expressed satisfaction that Pakistan presently held adequate stocks of petroleum items and there is no instant risk of supply disruption. However, members stressed the requirement for continued alertness given the rapidly changing local context. To make sure prompt action and effective coordination, a working group will keep track of advancements daily, and the complete committee will meet weekly to evaluate the scenario and submit suggestions to the prime minister. The committee has actually been turned over with the jobs to closely keep an eye on the forward/futures rates of petroleum products and the predictability of supply chain in view of the present dispute in the area. IT will also figure out Forex implications of cost volatility for the brief and medium term. According to the regards to reference of the committee, it will suggest a plan (if required) to guarantee that there are no supply interruptions and the market is well provided and perform in-depth analysis of the fiscal effect, in the event of a lengthy conflict. The Petroleum Department has been designated to offer secretarial assistance and ensure effective application of the committee’s mandate. The federal government stays fully committed to preserving energy security, stabilising markets, and securing the nationwide interest during this important time, included the announcement.
