ISLAMABAD: The government has initiated an investigation into the alleged hoarding of petroleum products in the wake of the ongoing regional conflict, with Prime Minister Shehbaz Sharif directing the Federal Investigation Agency (FIA) to probe certain oil marketing companies (OMCs) and some officials of the Oil and Gas Regulatory Authority (OGRA).
Initial findings suggest the possibility of deliberate stockpiling by an OMC, effectively choking supply to create scarcity and justify price hikes. FIA Karachi has already recorded testimony from a senior official of the Directorate General of Oil, who reportedly supported claims that “unscrupulous players” manipulated the market.
The investigation was launched after panic buying was reported across the country following the outbreak of war against Iran. The situation led the government to increase petrol and high-speed diesel on March 7 to ensure uninterrupted fuel supply.
The issue of large-scale hoarding was also highlighted in a letter sent by OGRA to the government on April 16, 2026, seeking approval for a Rs128 billion mechanism to settle price differential claims (PDC) of OMCs. The regulator stated that companies found guilty of hoarding would not be eligible for these payments. That particular letter is also in possession of this scribe.
Federal Minister for Petroleum and Natural Resources Ali Pervaiz Malik, however, did not respond to queries regarding the probe. When contacted via WhatsApp, he was asked whether the investigation—reportedly ordered by the prime minister into alleged fuel hoarding involving a private OMC and certain officials of the Oil and Gas Regulatory Authority (OGRA)—was still under way or had been completed. This correspondent also attempted to reach him by phone, but received no response.
Meanwhile, FIA is said to be making rapid progress and is expected to submit its findings to the prime minister soon.
