Punjab government launches crackdown on petroleum hoarders after price hike

LAHORE: The Punjab government has initiated a large-scale operation against hoarders and profiteers accused of stockpiling petroleum products, following a significant increase in fuel prices. The move comes after several petrol pump owners reportedly closed their outlets for hours ahead of the government's announcement of a Rs55 per litre hike in petrol and diesel prices on Friday.

According to an official statement, Chief Minister Maryam Nawaz on Saturday directed authorities to take decisive action against those responsible for creating artificial shortages and profiting illegally from the situation. The Punjab Enforcement and Regulatory Authority (Pera) has been mobilised across the province to enforce these orders.

The closures of petrol stations led to widespread panic buying among consumers in Punjab, as many rushed to secure fuel before the new prices took effect after midnight. The government has acknowledged that the delay in responding allowed some filling stations to make substantial profits by selling hoarded stock at the higher rates.

"On the directives of the chief minister, the Punjab Enforcement and Regulatory Authority (Pera) has been mobilised across the province. Authorities have been instructed to take strict action against the elements, creating artificial shortages in order to earn illegal profits," the official statement said.

The Punjab government’s response follows public frustration over the sudden unavailability of fuel and the subsequent price surge. The crackdown aims to curb the activities of those exploiting the market and to restore normal supply to consumers.

The situation remains tense as authorities continue their efforts to address the artificial shortages and prevent further profiteering in the province.