The federal government has initiated an inquiry against Oil Marketing Companies (OMCs) that will ascertain their alleged involvement in the current oil supply crisis.
According to a report published in
According to the report, he
In a statement issued on Monday, OCAC informed, 'For the month of June, a total of around 850,000 metric tonnes (MT) of petrol is being supplied from local refineries and imports to the distribution and retail network of the country. The current sales of petrol in the country are exceptionally high (50pc growth) due to the easing of Covid-19 lockdown in the past few weeks, causing depletion of stocks and low price of the product.'
Earlier, on
The CCP's inquiry will determine the possibility of the existence of any anti-competitive practices causing the shortage of fuel in the country and the undertakings involved in it.
The inquiry will further examine why the impact of the reduction in the prices of oil have not resulted in the corresponding reduction in the prices of the lubricants and other oil-based products, including the prices of hi-octane, which are primarily deregulated products.
Similarly, the
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