Pak has only six days of petrol reserves at present
Islamabad, Jan. 26 (ANI): A latest data report says that Pakistan is left with petrol reserves for only six days and furnace oil stock for nine days.
Pakistan's additional Secretary and spokesman for the Ministry of Petroleum and Natural Resources, G A Sabri was quoted by The News as saying, "There is no doubt that the existing petrol reserves are sufficient only to meet the needs for six days, but the country will today (Monday) receive a ship with ample quantity of petrol, which will increase the stock of the said product from 6 to 11 days. So there is no need to get panicky."
Sabri also claimed that the government was vigilant about the petroleum products' reserves. "We are currently importing petroleum products based on 10 days' inventory keeping in view the dollar constraints."
But the latest POL reserves data reveals that the country currently possesses strategic reserves of petrol for six days and of furnace oil for nine days against last year's petrol reserves for 20 days' consumption and furnace oil for 21 days.
Also, Pakistan's HOBC (High Octane Blending Component) reserves are sufficient for 12 days while last year; the country had HOBC for 38 days. High Speed Diesel reserves at present stand for 18 days against last year's 21 days.
The reason behind Pakistan's lesser POL products reserves is the circular debt that has now reached monstrous proportions.
Attock Refinery Limited, National Refinery Limited and Attock Petroleum have already halted the supply of furnace oil to government thermal powerhouses because of non-payment of 30 billion rupees. Attock Refinery is also going to cut its petrol, jet fuel and diesel supplies to the Pakistan State Oil.
According to the paper sources, the government owes 14.06 billion rupees to the oil marketing companies for the period August 1, 2008 to October 15, 2008 while 4.80 billions rupees to refineries.
To stop the situation from worsening any further, the Ministry of Finance has started working out a modus operandi to repay the arrears to refineries and oil marketing companies. (ANI)