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Power, Energy and Mineral Resources Minister Iqbal Hasan Mahmud Tuku has stated that the country has adequate reserves of fuel oil and there will be no problem in supplying it to the public. He provided this information on Tuesday (April 7) during his speech in the National Parliament.
The Minister stated that diesel constitutes the largest portion of the country’s fuel reserves, totaling 164,644 metric tons. Additionally, there are 10,500 tons of octane and 16,000 tons of petrol in reserve. He further added that the government is procuring oil from all possible sources to ensure a stable fuel supply across the country.
He also informed that operations to prevent illegal hoarding and black marketing are ongoing. Over the past month, campaigns in various regions have resulted in the recovery of 4,048,465 liters of oil. The Minister stated that such operations will continue to ensure that ordinary citizens can purchase oil and fuel products without hindrance.
Regarding fuel prices, the Minister mentioned that there is a standard procedure for adjusting fuel oil prices. Necessary decisions are made monthly after reviewing market conditions. “If necessary, a decision on whether to increase oil prices will be made after discussion in a Cabinet meeting,” he stated.
The Minister further added that the government’s objective is to ensure the country’s energy security and provide fuel services to the public at low costs. He urged everyone to remain vigilant and stated that the public can report any instances of black marketing or illegal hoarding to the government.