People are lining up at gas stations in numerous locations around the nation because they are worried that the price of the commodity will increase as a result of the government’s ongoing negotiations with the International Monetary Fund (IMF).
Long lines have formed outside several gas stations as a result of the fear, especially in Faisalabad, Gujranwala, Sargodha, Khushab, Gojrha, and Chills among other cities.
Citizens in some places allege that gas stations only sell motorbike and automobile owners fuel worth Rs. 200 and Rs. 500, respectively, while in other areas it appears that gasoline is no longer available. On the other side, gasoline station owners claim that the supply of petroleum products has been constrained by distributors.
According to traders and industry insiders, banks have stopped financing and facilitating payments for imports as a result of declining foreign exchange reserves, which is what officials refer to as the fake shortage.
Due to the rupee’s sharp decline in value, Pakistan is currently experiencing a balance of payments crisis, which is driving up the cost of imported commodities. A significant portion of Pakistan’s import bill is made up of energy.
Over a third of Pakistan’s annual power needs are normally met by imports of natural gas, the cost of which skyrocketed when Russia invaded Ukraine.
State Minister for Petroleum Musadik Malik responded to media reports about the fuel shortage and long lines of cars at the gas stations by enquiring as to where fuel rationing is being implemented across the nation. After watching the news on Geo TV, he continued, “I called the secretary and sent a message to the chairman of the Oil and Gas Regulatory Authority.”
The minister requested information about the name of the particular region experiencing a fuel shortage from the news anchor.
Malik stated that he met with officials of every oil marketing company this morning and that the nation had enough gasoline and diesel in stock to last for more than 20 and 25 days, respectively.
Additionally, he warned the owners of gas stations not to incite fear among the populace and ruled out the likelihood of an instant increase in gasoline prices.
“There is no chance of a hike in petrol prices before February 15,” he clarified.
On the aforementioned date, new gasoline prices will be set in accordance with the federal government’s adopted mechanism.
The federal minister added that some people might be involved in petrol hoarding while strongly rejecting the rumours about the implementation of fuel rationing. He also threatened administrative actions against those who stockpile gasoline in the same sentence.
In response to a query, Malik stated that there is currently no connection between the ongoing discussions with the IMF and the nation’s gasoline prices.
