Web Desk The federal government has launched a major investigation into alleged fuel hoarding by oil marketing companies (OMCs) following panic buying triggered by regional tensions involving Iran.
Prime Minister Shehbaz Sharif has directed the Federal Investigation Agency to probe the role of selected OMCs along with officials from the Oil and Gas Regulatory Authority over suspected stockpiling practices.
According to preliminary findings, at least one company may have deliberately withheld petroleum products to create artificial shortages, leading to price pressures in the market.
Sources said FIA Karachi has recorded statements from senior officials of the Directorate General of Oil, who indicated that certain market players may have manipulated supply dynamics.
The investigation follows a surge in panic buying after tensions escalated in the region. In response, the government increased petrol and diesel prices on March 7 to maintain uninterrupted fuel supply.
Meanwhile, OGRA had earlier warned the government about possible hoarding in a letter dated April 16, seeking approval for a Rs128 billion mechanism to settle price differential claims (PDC) of OMCs. The regulator also recommended that companies found guilty of hoarding be excluded from receiving compensation.
Officials said the FIA is making rapid progress and is expected to submit its report to the prime minister soon. The findings could lead to enforcement actions against companies involved and influence decisions on pending financial claims.
International Forex Exchange Rates Today in Pakistan – 21 April 2026