Initial report says private oil companies behind petroleum crisis

Initial report says private oil companies behind petroleum crisis

However, the increase in supply of oil during the petroleum crisis enhanced its market share to 54%. The report added that the three private companies against whom cases have been filed had a large piece of the market share which declined during the petroleum crisis.

Government fines six oil companies for petroleum crisis

Last week, the government fined six oil marketing companies (OMCs) with Rs40 million for their non-compliance with storage requirements, bringing to an end a month-long blame game after an adverse shortage of petrol and diesel amid the lockdown in the country.

Shell Pakistan and Total Parco were each fined Rs10 million, while Attock Petroleum, Puma, Gas and Oil Pakistan and Hascol were imposed a penalty of Rs5 million each, according to the Oil and Gas Regulatory Authority (Ogra). Three show-cause notices were also issued to OMCs, including Byco and BE Energy.

Ogra said these OMCs were found involved in a violation of their licenses and directed to pay the penalty within a month. OMCs could file review petition only after paying half of the penalty, the regulator said.

The authority warned OMCs of further penalties if they could not improve the supplies at their outlets.

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