ISLAMABAD: Pakistan’s Punjab province on Saturday warned of action against the ones hoarding petroleum products, while authorities in federal capital of Islamabad sealed seven petrol stations for denying fuel to motorists, amid global supply constraints due to the Middle East tensions.
Global oil markets have been rattled since coordinated strikes by the United States and Israel against Iran began last week, triggering retaliatory attacks across the region, raising fears of disruption of key energy shipping routes and pushing petroleum prices upward.
Pakistan announced a hike of Rs55 ($0.20) per liter in petrol and diesel prices late Friday, with Petroleum Minister Ali Pervaiz Malik and others saying they were monitoring international energy markets and domestic supply conditions to bring down the prices as soon as the conflict is resolved.
In a statement issued from her office, Punjab Chief Minister Maryam Nawaz assured the masses that the province had ample stock of petroleum products and the Punjab Enforcement Regulatory Authority (PERA) had been tasked with ensuring supply in the region.
“A grand operation has been launched against hoarders and profiteers of petroleum products,” the statement said, adding that fuel stations found creating artificial shortages would be immediately sealed and their licenses revoked.
