CCP takes notice of petroleum products’ shortage
ISLAMABAD: The Competition Commission of Pakistan (CCP) has taken notice of sudden shortage of fuel across the country at a time when the Government has reduced prices followed by low demand due to COVID-19 pandemic.
In a news release, the Commission said it has initiated an inquiry to address the public concerns and complaints regarding shortage of petroleum products in the country and to see if the shortage is result of any anti competitive activity.
The Commission became suspicious that artificial shortage might have been created either by limiting supply at the Oil Marketing Companies, and/or hoarding at the distribution level.
The CCP’s enquiry will examine why the impact of reduction in the prices of oil has not resulted in the corresponding reduction in the prices of the lubricants and other oil-based products.
The shortage of petroleum products faced in the country after petrol has become uncommon at most fuel pumps in many of the country’s cities, creating significant difficulties for both the people and the transporters.
Because of non-supply from inside the country, most of the petrol pumps in Karachi, Lahore, Quetta, and other cities have closed down, and those with available petrol have jacked up their prices.
Karachi has also faced a fuel shortage for the last three days and most of the city’s petrol pumps do not have petrol available. This led citizens to fetch high-octane expensive pumps.
In addition, for the past three days, Karachi has faced a shortage, while some stations sell expensive high-octane to humans.