Islamabad: The Oil and Gas Regulatory Authority (OGRA) hurriedly called meeting of oil refineries and Oil marketing companies over ample of stock of diesel owing to oil smuggling could not bear fruit.
The OGRA has urged the local refineries to decrease production, sources said.
Sources said that whereas the refineries have suggested to reduce the oil import, while decrease in import will result into lesser amount of an import bill.
The refineries said that the decrease in the import will uptick foreign reserves of the country directly, sources added.
The refineries expressed an opinion that the country’s products sell on decrease owing to the smuggling of the oil.
Sources said that the oil refineries said that the sell of the country’s oil product on decrease since 2023.
In the last agriculture season not increase reported in sell of local products.
Oil refineries briefing the meeting said that the reduction sell of oil products declined to 4,50,000 metric ton
The refineries said that if can’t control smuggling then control the import.
On the other hand the OGRA said that there are problems in the country’s oil and gas sectors. They added that scarcity of petrol had happened in the year 2020.
The OGRA said that ending the import will risk of oil scarcity.
Refineries said that if oil reserves decreases then oil can be imported.
The refineries officials said that a planning of petroleum products happens before two months
They said that with out stopping the smuggling the local refineries are in loss.
