The Petroleum Secretary has said that liquefied natural gas (LNG) will not be available in the country after April 14, which means the gas requirements of the power sector may not be fully met in April.
The statement came during a meeting of the Senate Standing Committee on Petroleum chaired by Senator Manzoor Ahmed, where the availability and pricing of petroleum products in the country were reviewed.
During the briefing, the Petroleum Secretary said that tensions in the Middle East have disrupted the supply of petroleum products. Pakistan receives around 70% of its petroleum supplies from the Middle East. Under normal circumstances, oil shipments from Arab countries reach Pakistan within four to five days, but vessel movement has been affected due to the current situation.
According to the secretary, the price of high-speed diesel has risen from $88 per barrel to $187 per barrel, while petrol prices have increased from $74 per barrel to $130 per barrel.
Senator Manzoor Ahmed said that the price increase benefited oil marketing companies. However, the Petroleum Secretary responded that the rise in prices was aimed at preventing hoarding of petroleum products and did not benefit companies.
Senator Hidayatullah asked officials to explain the prices of petroleum products before March 7 and how much they had increased since then. Officials from the Oil and Gas Regulatory Authority (OGRA) said diesel prices have risen by nearly 100%, while petrol prices have increased by about 70%.
The Petroleum Secretary also informed the committee that the country currently has reserves sufficient for 11 days of crude oil, 21 days of diesel, 27 days of petrol, nine days of LPG and 14 days of jet fuel (JP-1).
