At a time when various emerging economies are exploring new avenues of opportunities to reap the benefits of falling oil prices, petrol stations in Pakistan are drying up and dwindling stock of furnace oil has jeopardized the smooth supply of electricity across the country. The nation is already facing severe energy crisis which has not only increased its economic woes, but also slowed down the pace of everyday life and the government is looking this or that way in a quest to find a short-term solutionto this situation as usual. Some government circles are holding the chronic circular debt responsible for the shortage of fuel supply while the others are blaming the falling oil prices in the international market for the whole mess as low oil prices means low revenue collections by the government in terms of taxes and duties. However, the long queues of motorists on petrol stations wherever it is available and with ‘petrol pump is closed’ banners on some other filling stations indicate how the government is oblivious to the plight of the common man. Panic buying of fuel by the citizens is a very rare in the country as fuel supply always remained steady even during the worst situations.
According to newspaper reports, the total petrol stock in the country has dropped below 60,000 tonnes, which is sufficient only for less than four days.The furnace oil stock is also dangerously reduced to 40,000 tonnesthat is adequate only for two days for the power plants to work at optimum level. The government has restrictedfuel supply to the power stations to only 10,000 tonnesa day at a time when fresh supplies are not in sight earlier than Jan 25.
Currently, the power failure and power outage are at their peaks with more than 12 hours load shedding in urban centers of the country and oil marketing companies have started rationing of petrol in certain areas. The government increases fuel supply to the power sector to 24,000 tonnesa day on certain occasions but reduces it to average 15,000 tonnes a day in normal situations. That is a perfect case of playing fox with the nation.
The CNG stations are already closed in Punjab and the people are running out of options. One hopes that the electricity situation will be improved in March when imported LNG is supplied to the power sector.
It is yet to be seen how serious is the government about the current situation, but for the time now it seems unfazed by the shortage of petrol supplies or anything else.
