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Tuesday, July 23, 2024  
16 Muharram 1446  

Petrol shortage looms after oil tankers association deadline ends

Demand an increase in fares, revival of old vehicles
Employees at a fuel station wait for customers in Islamabad on February 16, 2022. AFP
Employees at a fuel station wait for customers in Islamabad on February 16, 2022. AFP

Pakistan is likely to face a petrol shortage in the coming days as the Oil Tankers Association deadline for meeting demands ended today (Monday).

“On September 18, 2023 we will protest after completely shutting down our business at the national level and the people would be affected due to this,” the association said in its press release on September 16.

There were reports of suspension of fuel supply to airports, Islamabad, Rawalpindi, Attock, and Gilgit Baltistan.

The statement was centered on the association’s meetings with the petroleum ministry for the past three years related to the quota after the beginning of the white oil pipeline and demands. According to the contractors, the meetings did not yield any results.

The association, which said the petroleum ministry and OGRA would be responsible for the people’s suffering, claimed that they could not continue their business amid such an inflation that currently stands at 27%.

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The shutdown call was based on the fulfillment of demands.

A 65% share for road transport after running the white oil pipeline, a 100% increase in local fares and a 50% hike in long trip fare, and a revival of old vehicles were the three demands.

The petrol and diesel rates have been increased by Rs58.43 and Rs55.83 per litre within one month. The two petroleum products, which are now available at Rs331.38 and Rs329.18, have become costlier by 20% since the interim government held the reins in August.

The international oil prices have surged by almost 30% since June.

The global inflation was expected to further increase as oil prices were about to reach $100 a barrel in September for the first time in 2023, owing to Russian and Saudi Arabian production cuts and rising demand from China, The Guardian reported.

The Energy Information Administration has seen a whooping increase in jet fuel prices after an increase in demand for flights in the US, Europe, and China. Prices were up by 50% from a recent low of $2.05 in early May.

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