Oil reserves lower than mandatory 20 days’ coverage

ISLAMABAD: The government on Monday confirmed that the countrywide stocks of petrol and diesel were sufficient for only 13 and 17 days of average national consumption, respectively — lower than the mandatory 20 days’ coverage — and at least seven vessels of various products were currently waiting for berthing.

“At present the countrywide stock of motor gasoline (petrol) is 225,674 metric tonnes (MTs) that is sufficient for 13 days as per current average per day demand of the country, which is around 17,500MTs,” the petroleum ministry said in a press release.

The ministry said two vessels carrying 17,000MTs of motor gasoline were waiting for berthing and two more carrying 67,000MTs were expected to arrive within 12 hours.

Likewise, it added, the countrywide stock of high speed diesel (HSD) was 466,821MTs that was sufficient for 17 days as per current average per day demand of the country, which was around 27,310MTs.

Moreover, two vessels carrying 106,000MTs of HSD are waiting for berthing and another with around 54,000MTs was under discharge.

According to the ministry, the storage capacity of HSD is around 1.2 million tonnes which is sufficient for 44 days.

The worksheet that made the basis of the ministry’s statement showed the total storage capacity of petrol across the country was around 14 days (301,593 tonnes) of consumption coverage.

The ministry said that the countrywide stock of furnace oil, mainly used in the power sector, stood at 759,022MTs that was sufficient for 27 days as per the current average per day demand of the country, which was around 28,320MTs.

In addition, three vessels carrying 204,974MTs of furnace oil were waiting for berthing at the Fauji Oil Terminal in Karachi.

The petroleum ministry also said that the Oil Pier at the Keamari Port remained non-operational from Aug 14 to Oct 31 because of maintenance, causing temporary disturbance in the import handling of petrol.

Published in Dawn, November 22nd, 2016