Oil and Gas Regulatory Authority (OGRA) has allowed a private oil marketing company Gas & Oil Pakistan Ltd (GO) to import diesel from Saudi company, creating concerns among its competitors, reported 24NewsHD TV channel.
In a letter to OGRA, Oil Companies Advisory Council has demanded of immediate action against Gas & Oil Pakistan Ltd (GO) which was being given Rs10 per liter subsidy on diesel import.
Oil Companies Advisory Council further said that all oil marketing companies were bound to purchase oil from national refineries but Go instead of buying diesel from domestic refineries, it was importing by spending huge foreign exchange. Oil Companies Advisory Council claimed that ddomestic refineries and oil marketing companies were badly affected by the OGRA’s undue favour to GO, adding that this decision caused huge losses to PSO in two months.
Private company Go is getting cheap diesel from its partner Saudi Aramco.
Aramco, a leading Saudi oil giant, has earlier acquired a 40% equity stake in Pakistan’s Gas & Oil Pakistan Ltd (“GO”). GO is a diversified downstream fuels, lubricants and retail store operator in Pakistan with a network of more than 1,200 retail fuel stations. The acquisition, first announced in December 2023, represents Aramco’s first Downstream retail investment in Pakistan and signals the Company’s growing retail presence in high-value markets.
Reporter: Awais kiyani