Iran-Israel War: Ogra Directs OMCs to Maintain Oil Stocks

Staff Report

Islamabad: Amid a war between Iran and Israel, Oil and Gas Regulatory Authority (Ogra) has warned the oil marketing companies (OMCs) to maintain oil stocks for 20 days in line with licensing requirement.

The prime minister has already formed a committee to consider various alternate options amid Iran Israel war to address any unwarranted situation of oil shortages in the country.

Checking Stocks: Ogra to issue Unique ID to oil retail stations

Oil Marketing Companies (OMCs) are bound to maintain oil stocks for 20 days as mandatory requirements according to licensing conditions.

The Ogra has been sending directives to the OMCs to maintain oil stocks.It has now sent another directive to OMCs to maintain stocks and otherwise, they will face penalties and fines if they are unable to maintain oil stocks.

Spokesman Ogra in a statement said that the Oil and Gas Regulatory Authority (OGRA) has confirmed that the country currently holds sufficient stocks of petroleum products to meet existing demand.

However, in view of anticipated future requirements and the prevailing market situation, OGRA has formally advised all Oil Marketing Companies (OMCs) to ensure the maintenance of their mandatory 20-day stock levels, in line with the conditions stipulated in their respective licences.

“OGRA remains committed to monitoring the situation closely and will continue to take proactive steps to ensure national energy security,” he said.