Ogra suspends, fines 7 OMCs

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) Wednesday not only suspended but also fined seven oil-marketing companies (OMCs) for not complying with its directives binding OMCs to maintain at least 20 days storage, Geo News reported.

Ogra has taken this action to ensure smooth supply of petroleum products across the country.

The suspended companies include Askar, Hascol, Admore, OOTCL, Bakri, Byco, and Total Parco. A penalty of Rs3 million each has also been imposed on these companies.

The decision by Ogra has been taken on the advice of Ministry of Petroleum and Natural Resources, as regulation of supply side was the preview of the ministry.

“This is a technical division in the regime — some functions are with the ministry whereas the marketing activities are to be overseen by the oil and gas regulator — Ogra,” an petroleum ministry official said.