Daily Times

Chairman of Pakistan Tehreek-e-Shadbad, Dr. Muhammad Hanif Mughal has said that the removal of the government’s control over oil prices should not be taken lightly as it is a serious national security issue. In a statement issued here on Saturday, he said that some elements want to push the country into chaos and for profit, which should not be allowed. Dr Hanif Mughal said that the Prime Minister, Army Chief and Chief Justice should take notice of the situation; otherwise, it can go out of control. By allowing the deregulation of oil prices, the people will become bankrupt and the economy of Pakistan will be destroyed, he added. He said that this move, backed by some powerful companies and individuals, will sink the country into a quagmire of problems. There was neither infrastructure nor storage capacity in Pakistan for such an adventure, he maintained. According to the International Energy Agency, it was mandatory for every member country to stock at least 90 days of oil. The United States, China, and dozens of other countries have stored oil for several years, which can be brought to the market when needed. However, Hanif Mughal said, Pakistan barely can store 15 to 20 days of oil, due to which this sector remains unstable. Despite government oversight, oil marketing companies often create crises for profit. Deregulation in these circumstances is like playing with fire, as our fragile economy is unable to withstand the shocks resulting from deregulation, he warned.