Due to the increase in smuggling, the import of oil and production of the refinery has decreased, Malik Khuda Bakhsh.
Karachi (May 2024) Due to the decrease in oil prices in the global market and the increase in oil smuggling in the country and the decrease in the consumption of imported petrol, there is a possibility that the government will reduce the price of petrol by Rs 10 to Rs 12 per liter for the next 15 days? The announcement is expected on Wednesday.
According to the sources, it is being considered to reduce the prices of petroleum products for the next 15 days due to which petroleum dealers are also cautiously buying petrol from oil marketing companies.
Regarding FPCCI’s standing committee for energy, and a well-known senior leader petroleum and CNG sector, Malik Khuda Bakhsh said that the smuggling of petrol in the country has increased instead of decreasing, due to which the import of oil has increased. On the other hand, there is a large stock of oil in the refinery, due to which the price of petrol per liter is likely to decrease significantly.
He said that the smuggled petrol has destroyed the market, 60 to 70 percent of the smuggled petrol is in the country. This smuggled petrol is being sold freely in the street, while the sale of refined petrol in the refineries has decreased due to which the refinery had to stop production.
Malik Khuda Bakhsh said that Pakistan Petroleum Dealers Abdul Sami Khan, chairman of the association, is constantly informing the government representatives about the market affected by illegal smuggling of petrol, but no effective measures have been taken to stop the smuggling of petrol.
Malik Khuda Bakhsh said that due to the decrease in the sale of imported petrol, the oil marketing companies Abundant stock has accumulated while on the other hand due to non-stopping of petrol smuggling, the government is losing its taxes, vehicles are also getting damaged due to the poor quality of smuggled petrol.
