OGRA rejects speculations about fuel price hike

On Saturday, the Oil and Gas Regulatory Authority (OGRA) expressed serious concern about the spread of speculative rumors about an increase in the cost of petrol and diesel.

“It has been observed that speculative prices of petrol and diesel are being reported in the print and electronic media since last evening that is misleading and incorrect,” OGRA spokesman said in a press statement.

He urged individuals who were propagating false and incorrect information to refrain from discussing speculative petroleum product pricing in the name of the "public interest."

Oil and Gas Regulatory Authority (OGRA) earlier in January denied reports of a shortage of petrol and diesel throughout the country, saying that there were sufficient stocks available.

“Sufficient stocks of petrol and diesel are available across the country,” OGRA spokesman Imran Ghaznavi clarified in a press statement.

He said that the country had just enough fuel and diesel supply to last 18 and 37 days, respectively. The official added, "Ships transporting 101,000MT of fuel are also at berth/outer anchorage."

A fuel shortage in the country was resolved after the Oil Companies Advisory Council (OCAC) requested that the federal government act right away to secure the prompt issue of letters of credit to import petroleum products.