Minister of Petroleum Threatens to Cancel Licenses of Fuel Hoarders - Capital TV

May 28, 2023


Minister of Petroleum Threatens to Cancel Licenses of Fuel Hoarders

Anum Razzaque

LAHORE: The Minister of Petroleum, Musadiq Malik, denies the shortage of petrol, and has warned hoarders to stop storing it. He has stated that the state will take action against those involved and may even cancel their licenses.

In a media talk, the Minister shared a detailed document outlining the petrol reserves. He stated that the state has a 20-day supply of gasoline and a 29-day supply of diesel fuel.

He claimed that some individuals are hoarding petrol as usual, robbing resources from citizens. He requests that those involved stop their actions, as the state has the power to take action against them.

“Continued hoarding will result in severe consequences,” the Minister warned. “We will not hesitate to revoke your licenses,” he added.

Mr. Malik added that those who engage in hoarding are seeking short-term gains for just a few days, but this behavior will ultimately result in the loss of their business.

Musadiq Malik stated that hoarders are disregarding the trust placed in them by their associations, as well as the trust of honest gasoline station owners and others.

“These hoarders are under the impression that oil prices will soon rise, leading them to store gasoline,” said Musadiq Malik.

However, the country will witness the consequences of their actions within the next 2 to 4 days,” he added.

The day prior, rumors of a gasoline shortage swept the country when several gasoline stations in the province of Punjab declined to sell gasoline.

Meanwhile, Some gasoline stations have discontinued their supply to customers, as they are storing the commodity with the expectation of a potential price increase shortly, at which point they plan to sell it.

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