Petrol crisis in the country started on Monday this week when All Pakistan Oil Tankers Owners Association announced to go on strike due to the increasing pressure on the government to follow the imposed regulations.
The shortage of Petrol literally started from Monday night when the petrol stations across the country started running out of stock which is hardly for one to two days at most of the petrol stations. However, PSO petrol stations all over the country including large metropolitan cities like Karachi, Lahore, Islamabad, Rawalpindi, Multan, Faisalabad, Peshawar, Quetta, and Hyderabad continued supplying oil to masses.
This creates skepticism about the oil supply in the country, why PSO had enough supply for to meet the demand throughout the country. It seems PSO had a déjà vu or intuition that they knew the crisis is around the corner, so they got their back covered and stocked oil for several days. According to a news report by ARY News, PSO said they haven’t cut the oil supply in the country and have enough stock to continue oil supply for several days if crisis remains.
Propakistani reported this morning that PSO has repaid its outstanding loans to various banks worth Rs. 43.8 billion. The report claims that PSO has raised funds from Pakistan Investment Bonds (PIB) to repay its loans.
Repaying loan was announced soon after the owners association announced to end the strike and resume the oil supply across the country.
These unfolding events are really interesting here and seem to have a connection between them. Firstly, PSO started storing oil before the strike was announced, secondly, only PSO had oil stock for several days, Thirdly, only PSO was supplying all over Pakistan for three consecutive days. Fourthly. PSO announces to repay its loans.
All the events must be ticking in your head now, let’s take a look at some interesting figures so you can estimate what they have earned so far.
According to the global economy, Pakistan’s oil consumption per day was 425,000 barrels in 2012, 442,000 barrels in 2013 and 450,000 barrels in 2014 which indicate that the current oil consumption is around 500,000 barrels per day in 2017, which makes it 7,94,93650 liter per day.
Total revenues generated per day in the country estimates to Roughly Rs. 6 billion per day. Counting on the oil crisis, it is estimated that it will take 2 to 3 more days for oil tankers to reach the desired petrol stations which make it roughly a week of the oil crisis in which PSO supplying oil uninterrupted.
Now multiplying per day revenues to 7 days would give you an estimate of Rs. 42.77 billion. Considering that PSO has not sold all of the oil in the country still it was able to generate 70% of the revenues.
We are not saying that it was a fake oil crisis with assurance as the title suggests but the circumstances indicate that this could be a fake oil crisis and this is how PSO was able to repay its loans by generating enough revenues in a week that it may not be able to generate in 6 months’ time.