UB saar, the point you are missing is that the paki RAPEs have refused to pay the bills so that paki oil companies can no longer buy oil from the oil majors -- the individually held fortunes of the RAPE does not help here, since the state owned companies don't have the cash to pay their suppliers.1) RAPEs have no shortage of money to buy gasoline.
2) Gasoline prices are half what they were 2 months ago.
Why then is there a shortage? Can someone pls illuminate on this simple point?
added later: A_Gupta has already explained the same thing, but the links below have some figures.
Basically, it seems that the thieving RAPEs basically refused to pay the bills to the oil companies in charge of buying oil from the international market, and so no oil for pakis all over.The sources also said that though PSO had made some contracts of Rs110billion to buy petrol and furnace oil in the international oil market, yet all contacts has been cancelled mainly because it could not receive Rs180billions from the power sector. Even, stock of furnace oil has dried due to financial crisis being faced by state-owned oil giant (PSO). Sources in power sector told that PSO has closed supply of furnace oil to Independent Power Producers (IPPs) and govt-owned power plants and due to this power shortfall has surged to above 5,600mw of power in the country.
Officials at petroleum ministry said that monthly petrol consumption has grown to three lakh tons mainly because of closure of Compressed Natural Gas (CNG) stations. They said to meet the pubic needs PSO has been importing two lakh and twenty thousands tons of petrol, while country’s refineries are supplying 80,000 tons of petrol in the open market. In a letter to the Ministry of Water and Power secretary, MD PSO asked to immediately provide Rs48billion to make an end to the petrol crisis. Managing Director PSO also said that PSO’s power sector receivables stood at Rs 198 billion, while it (PSO) incurred penalties of approximately Rs 250million (for the period from October 2014 to December 2014) on account of delayed payments of Rs 50billion to banks, $1.8million as demurrages (from July 2014 to November 2014) and supplies’ claims of about $6.4million for damages due to delay in nomination of vessel and in opening of LCs.
http://www.dailytimes.com.pk/punjab/16- ... -in-supply
check the post by K.Mehta in the paki economic stress watch thread. post dated: 16 Jan 2015 16:07