The Oil and Gas Regulatory Authority (OGRA) has imposed hefty fines on six oil marketing companies (OMCs) for creating an artificial petrol shortage in the country and has put three others on notice.
As per details, OGRA inspection teams conducted a raid at Hascol and HOPL depots in Keemari and Port Qasim, Karachi, on June 9, and found more than 40 million liters petrol hoarded there. In a separate development, Shell Pakistan was also found involved in the hoarding of petrol at its depot in Taru Janna, Peshawar.
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FIRs have been launched against these companies and notices have been served. The mentioned OMCs along with a few others have been slapped with hefty fines for violating contracts.
As per details, M/s Shell Pakistan Ltd and Total Parco Pakistan Ltd have been fined for Rs.10 million each, while M/s Hascol Pakistan Ltd, Attock Petroleum Ltd, Gas & Oil Pakistan Ltd, and Puma Energy (Pvt) Ltd were fined Rs. 5 million.
Similarly, show-cause notices have been served to M/s Byco Petroleum Pakistan Ltd, Askari Oil Services Ltd, and Be Energy Ltd and their response is sought.
These OMCs are facing penalties of up to Rs.10 million, payable within 30 days.
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Furthermore, the oil and gas regulator has asked these OMCs to improve the supplies to their respective outlets immediately or face stricter action and greater fines.
These show-cause notices were served on June 3, while an inspection of depots, started earlier this week, will continue, said the spokesman of OGRA Imran Ghaznavi.
These fines are jokes for these companies… It should’ve been in billions as that’s what they were aiming for…
only upto 10 million? they should’ve been fined atleast 50 million
Heavy fines? Rs 10 million (USD 60k) is a joke as hoarding pays off in billions. for 10 million they can play this trick every week. Minimum fines should start with 100 millions ($6 million).
Only 10 million.these companies should have been charged much more.
Em.. though i agree that fine should be higher but let’s see, we have two options
1. Fine them so high that they face big problems and in return they continue to stop the supply.
2. Fine them just enough so that they feel something and focus more or remedial action so that supply chain become better.
I think let them worry about it,
Me personally i would like to see my bike tanki full with petrol rather than gov’s account full with fine money.
I think govt should fine them heavily and if they same for next time simple take over there company.
If they would have done this deliberately halted the supply in America, they should have been slapped with more than 100 million USD in terms of fine. Recall HBL case! Such little fine means they will again challenge the writ.
If they would have deliberately halted the oil supply in America, they should have been slapped with more than 100 million USD in terms of fine. Recall HBL case! Such little fine means they will again challenge the writ.
10 million only………….. they earn this in hours..
There licenses should be canceled
Fine must be atleast twice the amount OMCs were planning to earn through hoarding or twice the amount of loss caused to public. Estimates can be used. It can be recovered in 2 months time. More over, final warning wrt license cancellation should be issued. What about Govt functionaries who failed to act in time?
Even, it’s a good action to get them realized… However rules for OMCs should be more strict in case Oil supply blocked or delayed delebrately…..
A typical, bureaucratic knee jerk response by the regulator. What is a 10 million fine for the OMCs who’s profits run into billions. These companies are legally bound to maintain a reserve stock for 21 days whereas they had a mere 3 day holding. The incompetence of the Government has been proven – and nearly half way through their term.
The only thing I am not sure of is whether it is ignorance, indifference or collusion?
I am sure this too shall pass: like the IPP report, the wheat fiasco etc
fine to laga diye.. but these companies are so much strong. they will case the govt against these penalties… aur at the end shortage phir bhi jaari rahey gi.
Cheating with public interest. Instead of transferring the benefit to the people of Pakistan, these companies are doing fraud and corruption. Must be held accountable and exemplary punishment should be given.
OUR NATION IS SLEEPING IN LAPS OF …….THEY SHOULD BOYCOTT SUCH COMPANIES
10 million only? LOL! This will only encourage them to get stay orders and continue as they please.
Fines should have been 1/2 or one complete quarters earnings to really dent their profit and send out clear warning for deterring similar future manipulation. Make it too expensive for them to repeat this again ever.
Don’t worry very soon our honourable judges and honourable courts will rescue them by putting stays on fines because these companies will just pay Rs 1 million to buy our honourable judges. 100 % confirmed news soon.
Don’t worry our honourable judges and honourable courts are there to rescue these companies soon. They just need to just Rs 1 million to any of honourable judges to get a decision in their favour. Very soon you will get this news. Be ready.