Business
OMAP urges PM Shehbaz to save petroleum industry from 'brink of collapse
Petroleum association appeals to PM to intervene and save the industry from foreign exchange losses
Lahore: The Oil Marketing Association of Pakistan (OMAP) has penned a letter to the Prime Minister Shehbaz Sharif stating that the petroleum industry in the country is "on the brink of collapse."
In the letter written to the PM on Saturday, Chairman of the Association Tariq Wazir Ali appealed to the premier to intervene in the matter of foreign exchange losses amounting to Rs26 billion, which he stated, are severely impacting the petroleum industry.
Wazir Ali highlighted that the petroleum industry is already grappling with numerous challenges.
The oil companies are bearing substantial losses due to flaws in the foreign exchange system, he said adding that despite acknowledging these flaws, the Ministry of Petroleum has failed to address the issue effectively.
In April, the Director General of Oil convened a meeting to formulate recommendations, which were subsequently sent to the Oil and Gas Regulatory Authority (OGRA).
However, the matter is currently stalled at the Prime Minister’s office.
The chairman emphasised that the petroleum industry is facing imminent disaster due to the 'Ministry of Petroleum's delaying tactics.'
He urged PM Shehbaz to give special attention to resolving the crisis to prevent the industry’s collapse.