The Oil and Gas Regulatory Authority (OGRA) has rejected rumors of an increase in the prices of petroleum products. In fact, it has given the glad tidings of Pakistan having more than sufficient stocks available.
Earlier, reports emerged that the government may once again increase the prices of fuel by Rs. 25. To clarify, Finance Minister Miftah Ismail hinted at another price hike. He said that government may increase the prices of petroleum products in the coming days.
While addressing the pre-budget seminar on Tuesday, the finance minister said, “petroleum prices will further go up in coming days”.
Read more: Miftah Ismail says petroleum prices to increase further
The news triggered panic buying as people thronged to various fuel stations in Karachi to get the fuel as panic was created. The government had already increased petrol prices twice in the recent past which had added to the inflationary pressures on the public. Therefore, a third fuel hike in a short span of time created panic.
OGRA & govt rejects petrol hike
In a statement given to the media, OGRA spokesman Imran Ghaznavi said that there was no price increase in petroleum products. “Moreover, the country has more than sufficient stocks available,” he added.
The OGRA spokesperson has also directed all Oil Marketing Companies (OMCs) to ensure adequate fuel stocks at their petrol pumps across the country aimed at avoiding any inconvenience to consumers.
Read more: Rich people mostly use petrol, diesel: Finance Minister
Similarly, Finance Minister Miftah Ismail has said that the government was not planning to increase fuel prices.
“In the pre-budget seminar I never even spoke about the petroleum prices. There will be no increase in prices today and there is no summary or plan to raise prices,” Miftah Ismail tweeted.
In the pre-budget seminar I never even spoke about petroleum prices. Channels running these tickers are doing a disservice to their viewers. There will be no increase in prices today and there is no summary or plan to raise prices.
— Miftah Ismail (@MiftahIsmail) June 7, 2022
Information Minister Marriyum Aurangzeb also dispelled the impression of any further surge in petroleum prices, saying that speculation about an increase in prices of petroleum products was absolutely false.
“The government has not taken any decision to increase the price of petrol and diesel further and people and media are requested not to listen to rumours,” the government’s spokesperson said, adding “there is no shortage of petroleum products in the country.” She urged the public to avoid spreading rumours.