World News | Pak Minister Warns Petroleum Suppliers of Hoarding Oil, Creating Artificial Shortage
Get latest articles and stories on World at LatestLY. Pakistan's Minister of State for Petroleum Musadik Malik on Wednesday warned petroleum suppliers in the country against holding up supplies to create any kind of artificial shortage.
Islamabad, Feb 8 (PTI) Pakistan's Minister of State for Petroleum Musadik Malik on Wednesday warned petroleum suppliers in the country against holding up supplies to create any kind of artificial shortage.
Speaking to reporters, Malik said that the government would act hard on people who would try to hoard petroleum despite strict directions by the authorities.
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"Some people like always are hoarding …You won't be able to hoard and rob the people's right…This is our resolve and you will have to bear very strict consequences if you persist. We will cancel your licences," he said while speaking to reporters.
Malik said that only a few owners of filling stations were involved in hoarding and creating an artificial shortage with the aim of selling fuel in the future at high prices.
He said that the government would come hard on such people and he warned that no one should try to challenge the writ of the state.
"Sufficient usable stocks of petroleum products are available in the country to meet petrol needs for 20 days and diesel for 29 days. This excludes cargoes arriving and waiting in the sea for berthing,” he said.
He said there was no plan to revise the prices of petroleum.
He also hoped that low-cost crude oil from Russia would start arriving after an agreement is made with the country.
The Pakistan government adjusts the price on a fortnightly basis and is expected to increase the prices on February 15 due to depreciation in the rupee.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)