• Senate panel told ample petrol, diesel available; import of lower-quality fuel okayed; price hike ‘did not benefit’ OMCs
• Officials tell panel no LNG supply from Qatar since March 2, gas will not be available after April 14
• Petrol committee briefed March fuel requirements fully secured, coverage available up to mid-April
ISLAMABAD: The federal government has planned a subsidised fuel scheme for motorcyclists and rickshaw drivers to cushion the impact of a massive hike in oil prices, following a similar move by the Khyber Pakhtunkhwa government.
“The government is working on a package to provide relief to (owners of) motorcycles and rickshaws,” said newly appointed petroleum secretary, Hamed Yaqoob Sheikh, while testifying before the Senate Standing Committee on Petroleum on Monday.
He claimed that the government had taken measures which would “provide relief to the people”. On Sunday, the government increased the price of kerosene oil by Rs40 per litre and approved Rs23 billion for oil marketing companies, as it kept the petrol and high-speed diesel prices unchanged for the current week. Earlier this week, there was a Rs55 hike in the price of petrol due to the Iran war.
Mr Sheikh told the Senate panel chaired by Senator Manzoor Ahmed that Pakistan had sufficient petrol reserves for 27 days and diesel reserves for 21 days. The secretary added that jet fuel (JP1) reserves were available for 14 days, crude oil reserves for 11 days, and liquefied natural gas (LNG) reserves for nine days. The Senate panel was also informed that the government had allowed the import of oil that falls short of the Euro 5 standard.
Mr Sheikh said that 70 per cent of Pakistan’s petrol comes from the Middle East, adding that the price of high-speed diesel rose from $88 to $187, while petrol increased from $74 to $130 due to the Strait of Hormuz blockade.
Fuel availability
Meanwhile, a petrol monitoring committee led by Finance Minister Muhammad Aurangzeb noted the country’s fuel availability for March was fully secured, while coverage was available up to mid-April based on current cargo planning and supply arrangements. Efforts were underway to extend coverage further towards the end of April, the ministerial committee noted.
