Government to monitor oil companies for undue inventory gains: Aurangzeb

RAWALPINDI: Finance Minister Mohammad Aurangzeb stated on Monday that recent adjustments in petroleum prices were essential to prevent the depletion of petroleum stocks and to maintain a steady supply of fuel throughout the country. He made these remarks during a meeting with a delegation from the Rawalpindi Chamber of Commerce and Industry (RCCI), led by its President Usman Shaukat and Group Leader Sohail Altaf.

During the discussion, Aurangzeb assured the RCCI representatives that the government would closely monitor the activities of oil marketing companies (OMCs) to prevent them from making undue inventory gains. He emphasized that a strict minimum 20-day inventory requirement would be enforced for all OMCs. This measure, he noted, could result in inventory losses for companies if petroleum prices fluctuate, but is necessary to ensure that fuel stocks remain adequate and that supply is not interrupted.

President Usman Shaukat also briefed the Finance Minister on the RCCI’s recent trade delegation visit to the United States. He highlighted the Chamber’s ongoing efforts to boost bilateral trade by fostering connections between middle-market companies and small and medium-sized enterprises (SMEs).

The Finance Minister reiterated the government’s commitment to maintaining transparency in the petroleum sector and ensuring that the interests of consumers and businesses are safeguarded. He said, "The petroleum price adjustment was necessary to prevent depletion of petroleum stocks and to ensure uninterrupted supply across the country." Aurangzeb added that the authorities would strictly enforce the inventory requirements and monitor the situation to avoid any unfair advantages for oil companies.

The meeting concluded with both sides expressing their intention to continue working together to support economic growth and trade development in Pakistan.