All marketing companies must report the LPG stock in their storage and filling facilities in metric tons by 9:00 a.m. daily
LAHORE:
In view of the situation arising after the Iran-US conflict, the Oil and Gas Regulatory Authority (OGRA) on Wednesday directed all Liquefied Petroleum Gas (LPG) marketing companies to submit daily information on their LPG stocks.
OGRA has warned that strict action will be taken against any sale or hoarding of LPG above the prescribed ceiling price.
According to the details, in order to maintain the LPG supply chain in the country and protect consumers from exploitation by the LPG mafia, OGRA has directed all LPG marketing companies that in view of the current emergency, they must report the LPG stock in their storage and filling facilities in metric tonnes by 9:00 a.m. daily. This report must also include LPG in transit or in vehicles (“On Wheels”).
The information must be submitted via e-mail in the format specified, specifying:
Furthermore, the companies are required to ensure a sufficient supply of LPG in storage and filling facilities for further distribution at OGRA’s prescribed prices.
Read: The government initiates the energy contingency plan
OGRA warned that if any LPG plant is found hoarding LPG to earn illegal profit – including EVTL and SSGCL terminals – strict action will be taken as per relevant rules and regulations, based on field team reports or complaints.
Abdul Raheem, Managing Director LPG at OGRA has formally communicated these instructions in writing to all LPG marketing companies.
These directives come after Qatar told Pakistan on Tuesday that it may not be able to deliver LNG cargoes due to the ongoing Gulf War.
Qatar halted its production of liquefied natural gas on Monday as Iran continued to attack Gulf countries in retaliation for Israeli and US strikes against it, leading to the preemptive shutdown of oil and gas facilities across the Middle East. Qatar’s LNG production accounts for around 20% of global supply and plays a major role in balancing demand in Asian and European markets.
Iran has widened the scope of the war after it was attacked by the US and Israel. Iran is now hitting the energy facilities in the Gulf countries that have supplied military bases to the United States.
A ministerial committee responsible for ensuring smooth supplies of petroleum products has been empowered to take all necessary decisions to maintain smooth energy supply.
Government officials and business leaders in Japan, Taiwan, Bangladesh and Pakistan said they did not expect an immediate impact as some cargoes due this month had already arrived, but they would diversify their import sources and buy liquefied natural gas (LNG) from the spot market if the war drags on.
Crude oil prices jumped above $83 a barrel on Tuesday, which would have huge implications for consumers as well as the current account deficit. Due to limited supplies, LNG prices are also increasing, making it difficult for the government to book cargo from alternative routes.
With additional input from Reuters
