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
![OMAP urges PM Shehbaz to save petroleum industry from 'brink of collapse](/media/112171/conversions/OMAP-1280x720.webp)
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.
-
Business 1 day ago
Gold price plummets by Rs3,000 per tola in Pakistan
-
Weather 11 hours ago
Parts of Karachi witness moderate rain
-
Pakistan 1 day ago
FBR informs PM of Rs3.2tn tax cases pending in courts
-
Business 6 hours ago
Gold price falls by Rs1,000 per tola
-
Pakistan 1 day ago
ECP meeting again today on giving reserved seats to PTI
-
World 2 days ago
Biden suffers from Corona, gives up all political activities
-
Pakistan 2 days ago
IHC declares Sanam’s arrest illegal, disposes of petition
-
Pakistan 1 day ago
TLP discontinues Faizabad sit-in after striking agreement with govt