Ogra directs oil firms to maintain 20-day fuel reserves amid Iran-Israel conflict

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Amidst the growing tension between Iran and Israel, the Oil and Gas Regulatory Authority (OGRA) has directed the oil marketing companies (OMC) to maintain at least 20 days of fuel reserves.

The OGRA spokesman said in a statement released Saturday that the Oil Regulatory Body has directed the companies to formally comply with the need for fuel reserves and have also ordered the immediate import of 140 million liters of petrol.

The spokesperson said, “All OMCS has been instructed to maintain 20 days of fuel reserves under their licensing terms.”

The spokesman made it clear that the country has appropriate reserves of the petroleum product to meet the current demand. “OGRA is closely monitoring the situation to ensure uninterrupted fuel supply,” the statement said.

In addition, authorities have taken steps to accelerate fuel imports, including re -resetting the arrival of the oil vessel on July 6.

Officials said the ship, which has about 70 million liters of gasoline, is now expected to arrive on June 26.

Meanwhile, Pakistan State Oil (PSO) officials have said that additional 140 million liters of gasoline will be available in the country by July 1.

He also noted that more emergency tenders can be issued, depending on how the regional situation is ready.

In addition, officials of the Pakistan National Shipping Corporation (PNSC) have warned that any closure or obstruction in the main shipping route can significantly affect Pakistan, which relies heavily on oil imports from the Gulf region.

Sources in the shipping industry have reported that freight rates for oil tankers have increased by 15 % during regional instability. The first trip costs about $ 900,000 per trip between $ 1.1 million and $ 1.2 million per trip. The insurance premium has also increased significantly, which has increased from 000 to $ 22,000 per journey.

Sources in PNSC have confirmed that operational challenges have emerged in the Strait Harmos, especially in a few hours GPS signal obstacles.

He says a PNSC ship allegedly had to delay the entry into the Strait due to the closure of GPS.

Earlier, the government has rejected any deduction in the Petroleum Development Levy (PDL), as officials have warned that the Iranian -Israeli conflict could increase domestic fuel prices by 16 % in global oil rates.

At a meeting of the National Assembly’s Standing Committee for Finance, chaired by Naveed Qamar, on Monday, Secretary of the Secretary Aidullah Bashon said that Pakistan still has enough petroleum reserves, but emphasized that if global prices continue, local prices will have to be adjusted accordingly.

“We are keeping a close eye,” he said. “But if prices increase internationally, we too have to increase ourselves, and Levy is in place.

Opposition leader Omar Ayub also threatened the worst point of view, saying that Pakistan was already caught in a domestic debt trap, and the controversy is likely to flourish with both the budget deficit and the trade difference.

In an extraordinary moment of the alliance, Finance Minister Mohammad Aurangzeb agreed with the opposition review and confirmed that Prime Minister Shahbaz Sharif had constituted a high level committee to oversee petroleum prices and reservoirs.

The Middle East found in a dangerous new chapter of the war after an extraordinary increase in hostility between Israel and Iran.

Official media reports that at least 430 people have been killed and 3,500 injured in the Israeli attack so far.