ISLAMABAD, Dec 19: The Ministry of Petroleum and the Oil Companies Advisory Committee (OCAC) have claimed that high speed diesel (HSD) stocks as on Dec 19 are sufficient for nine days’ requirement of the country.

Commenting on a Dawn report, the petroleum ministry said in a press release that “the total HSD stocks as on 19th December 2007 are 213,269 tons, sufficient for nine days’ requirements of the country”. It said three more cargos would berth at the Port Qasim on 21st, 25th and 29th December 2007 and that would be sufficient to increase consumption cover to 14 days by end of December.

The ministry said the HSD purchase “is totally deregulated and OMCs are free to purchase it from international market as per their market demand”.

In a separate statement, the OCAC said: “Country’s stocks are monitored by GOP, OCAC and members of oil industry on a regular basis. It said HSD stocks on Dec 19 were sufficient to cover nine days and three vessels carrying around 135,000 MT of HSD were due to arrive in the remaining days of Dec.

In yet another press release, PSO said that being a public sector entity it “is fully aware of the importance of stocking requirements for defence sector needs” and maintaining “certain stocks through understanding with the ministry and the GOP”.

It said that “due to sudden breakdown of Parco refinery during October 2007, the stocks did deplete but the trend was arrested through additional imports at a very short notice by PSO”, and it would make “available additional stocks of 172,000 MT by end-Dec 2007” including two vessels on Dec 20 & 22.

NOTE: The three press releases have neither questioned nor addressed the main point in the Dawn report about strategic defence reserves of diesel being consumed to overcome the shortage in the open market and the urgent purchases made at higher costs.—Staff Reporter