By Asad Cheema
ISLAMABAD: Leader of the business community and former President ICCI Shahid Rasheed Butt on Sunday said only oil marketing companies (OMCs) should not be blamed for nationwide oil crisis as there are other elements involved in it who should also be held accountable.
He said that the crisis was in making since late March when OMSs stooped imports violating all the rules and regulations including that of maintaining a 21-day cover at all times irrespective of the circumstances. Shahid Rasheed said that the illegality was immediately noticed but Oil and Gas Regulatory Authority (OGRA) could not take any action against OMCs as some important officials in the regulatory body were under the influence of the generous oil mafia.
Later, on the direction of the federal government, OGRA did approach the OMCs regarding violation of the law regarding maintaining mandatory stock but the directions were simply refused, he added. Why was the regulator so helpless when the OMCs refused to follow its orders and why the Petroleum Division tried to convince the Economic Coordination Committee of the Cabinet to keep prices unchanged, he questioned.
