All marketing companies must report the LPG stock in their storage and filling plants in metric tons daily before 9:00 a.m.
LAHORE:
In light of the situation arising from the conflict between Iran and the United States, the Oil and Gas Regulatory Authority (OGRA) on Wednesday ordered all Liquefied Petroleum Gas (LPG) marketing companies to submit daily details of their LPG stocks.
OGRA has warned that strict action will be taken against any sale or hoarding of LPG above the maximum prescribed price.
According to the details, to maintain the LPG supply chain in the country and protect consumers from exploitation by the LPG mafia, OGRA has instructed all LPG marketing companies that, given the current emergency situation, they must report the stocks of LPG in their storage and filling plants in metric tonnes before 9:00 am This report will also have to include LPG in transit or in vehicles (“On Wheels”).
The information must be sent by email in the specified format, detailing:
Furthermore, the companies are directed to ensure adequate supply of LPG at storage and filling plants for further distribution at the prices prescribed by the OGRA.
Read: Government launches energy contingency plan
OGRA warned that if any LPG plant is found hoarding LPG for illegal profit, including EVTL and SSGCL terminals, strict action will be taken as per relevant rules and regulations based on reports or complaints from the field team.
Abdul Raheem, CEO LPG, 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 provide 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 attacks against it, prompting pre-emptive shutdowns of oil and gas facilities across the Middle East. Qatar’s LNG production accounts for approximately 20% of global supply and plays an important role in balancing demand in Asian and European markets.
Iran has expanded the scope of the war after it was attacked by the United States and Israel. Iran is now attacking the energy facilities of those Gulf countries that have provided military bases to the United States.
A ministerial committee responsible for ensuring smooth supply of petroleum products has been empowered to take all necessary decisions to maintain smooth energy supply.
Government officials and company executives in Japan, Taiwan, Bangladesh and Pakistan said they did not expect an immediate impact as some shipments scheduled for this month had already arrived, but they would diversify their import sources and buy liquefied natural gas (LNG) on the spot market if the war dragged 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 rising, making it difficult for the government to book cargoes from alternative routes.
With additional contributions from Reuters
