Pak on the brink of oil crisis, stocks to last 16 days onlyJuly 8th, 2008 - 3:21 pm ICT by ANI
Islamabad , July 8 (ANI): Pakistan is facing an acute fuel shortage, as the stocks of two major petroleum products - motor spirit and light diesel oil (LDO), have reportedly plummeted to 7-8 days use only.
The situation of oil stock analysis on June 27, 2007 to June 25, 2008 presented before the Economic Coordination Committee (ECC) of the cabinet on July 1, 2008 revealed this fact, the Daily Times quoted official sources as saying.
Currently, the total stock of oil remains for 16 days only, added the paper.
According to the report, stocks of furnace, kerosene oil have declined to the levels that are enough to meet the requirements of only 13 and 15 days, respectively.
Normally, the old companies are required to maintain a minimum of 21-day stocks of every product at all times to cope with any crisis like situation, said the report and added that light diesel oil requirement in Pakistan was 558 tonnes per day and the total stock of LDO was 4464 tonnes that would be sufficient for 8 days only. Total storage capacity of LDO is about 42 days of consumption, it added.
The skyrocketing oil prices in the international market have curtailed the capacity of the developing countries like Pakistan to maintain high stocks of crude oil as well as POL products, added the paper. (ANI)
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Tags: brink, coordination committee, crude oil, developing countries, diesel oil, economic coordination, fuel shortage, furnace, june 27, kerosene oil, ldo, motor spirit, oil crisis, oil prices, oil stock, petroleum products, pol products, stock analysis, storage capacity, tonnes