Lahore: The Oil Marketing Association has alerted Prime Minister Shehbaz Sharif that the country’s petroleum industry is on the edge of collapse due to significant financial strains.
In a recent letter, Chairman Tariq Wazir Ali requested the Prime Minister’s urgent intervention to address a critical issue involving 26 billion rupees in foreign exchange losses impacting the sector.
The letter emphasized that the industry, already struggling with various problems, is shouldering these substantial foreign exchange losses.
Although the Ministry of Petroleum has acknowledged issues within the foreign exchange system, it has not yet provided a resolution.
A meeting convened by the Director General of Oil in April produced recommendations sent to OGRA, but the matter remains stalled at the Prime Minister’s office.
Wazir Ali stressed that delays from the Ministry of Petroleum are pushing the industry towards collapse, urging immediate action from Prime Minister Shehbaz Sharif to avert a crisis.