The midnight transfer? |
At midnight on March 6, Government of Pakistan, Ministry of Energy (Petroleum Division) issued a press release. The press release changed a number. That is all the press release did. It changed Rs266.17 per litre of petrol to Rs321.17 per litre. Fifty characters. Fifty-five rupees. One line. One decision.
At midnight on March 6, refineries were holding 550 million litres of fuel; Oil Marketing Companies (OMCs) were holding 600 million litres and petrol pumps 170 million. Total fuel in system: 1.5 billion litres.
Purchase price of each and every litre of the 1.5 billion litres: old. Sale price of each and every litre of the 1.5 billion litres, from midnight: new. Additional work performed by the refineries to justify the Rs55 per litre difference: none. Additional work performed by the OMCs to justify the Rs55 per litre difference: none. Additional work performed by petrol pumps to justify the Rs55 per litre difference:........