Business

Now the crisis of petrol and diesel in Pakistan, the swamp of the pauper is such that even the money to import oil is gone.

Photo:FILE

Pakistan Oil Crisis

Highlights

  • Petrol diesel has become costlier by Rs 30 per liter from May 27
  • Petrol in Pakistan is Rs 179.86 and Diesel is Rs 174.15
  • Pakistan fails to raise foreign exchange required for oil imports

Petrol diesel is going to run out in Pakistan! Yes, the danger of running out of petrol and diesel has now arisen in front of Pakistan, which is facing economic crisis and lack of cash. Pakistan may soon face a disruption in the supply of oil. The oil companies of Pakistan are failing to raise the foreign exchange required for the import of crude oil.

The country’s Petroleum Department has informed Prime Minister Shahbaz Sharif and Finance Minister Miftah Ismail that the system of oil imports is getting tougher day by day. Foreign banks are not providing finance against letters of credit (LCs) given by Oil Marketing Companies (OMCs) and refineries.

not getting credit guarantee

A senior official told the Pakistani daily that except the two big corporations – Pakistan State Oil (PSO) and Pak-Arab Refinery Limited (Parco), all OMCs and refineries are struggling to make arrangements for import of petroleum products and crude. . Sources said around six-seven cargoes worth $350-500 million each, depending on the product, are currently going through tough financial times. The reasons for the increased risk have come to the fore after some important statements from the concerned ministries regarding these.

Petrol diesel is going to run out in Pakistan! Yes, the danger of running out of petrol and diesel has now arisen in front of Pakistan, which is facing economic crisis and lack of cash. Pakistan may soon face a disruption in the supply of oil. The oil companies of Pakistan are failing to raise the foreign exchange required for the import of crude oil.

The country’s Petroleum Department has informed Prime Minister Shahbaz Sharif and Finance Minister Miftah Ismail that the system of oil imports is getting tougher day by day. Foreign banks are not providing finance against letters of credit (LCs) given by Oil Marketing Companies (OMCs) and refineries.

not getting credit guarantee

A senior official told the Pakistani daily that except the two big corporations – Pakistan State Oil (PSO) and Pak-Arab Refinery Limited (Parco), all OMCs and refineries are struggling to make arrangements for import of petroleum products and crude. . Sources said around six-seven cargoes worth $350-500 million each, depending on the product, are currently going through tough financial times. The reasons for the increased risk have come to the fore after some important statements from the concerned ministries regarding these.

Pakistan in danger

An oil industry report sent by the Petroleum Department to the Prime Minister’s Office and the Finance Minister said, “Unfortunately, the country’s fuel supply is now under serious threat from limited credit facilities, high inflation and the widening rupee-dollar gap.” Happening.” The oil industry has told the government that the financial crisis has left the oil industry extremely vulnerable and fragile, adding that it “could break the supply chain”.

Prices increased by Rs 30

On May 27, the price of petrol and diesel in Pakistan was increased by Rs 30 per liter. Sources said the petroleum division had given a proposal for approval of a supplementary grant of Rs 72 billion for the second half of May. This was reduced to Rs 62 billion due to an increase of Rs 30 per litre.

An oil industry report sent by the Petroleum Department to the Prime Minister’s Office and the Finance Minister said, “Unfortunately, the country’s fuel supply is now under serious threat from limited credit facilities, high inflation and the widening rupee-dollar gap.” Happening.” The oil industry has told the government that the financial crisis has left the oil industry extremely vulnerable and fragile, adding that it “could break the supply chain”.

Prices increased by Rs 30

On May 27, the price of petrol and diesel in Pakistan was increased by Rs 30 per liter. Sources said the petroleum division had given a proposal for approval of a supplementary grant of Rs 72 billion for the second half of May. This was reduced to Rs 62 billion due to an increase of Rs 30 per litre.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
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