Pakistan Oil Companies In Crisis Losing Billions In A Few Days Now Waiting For IMF Help

Pakistan’s oil industry will collapse: Pakistan’s oil companies have warned that the oil industry has come to the brink of total collapse. The companies say that due to the non-availability of dollars and the continuous falling prices of rupees, a crisis has been created in the industry. According to the companies, there are only a few days left and Pakistan’s oil industry will completely collapse.

At the same time, now the country is waiting for help from the International Monetary Fund (IMF), but it seems that Pakistan is not going to receive this help soon. Explain that to meet the demand of the International Monetary Fund, the government removed the dollar cap. As a result, the rupee fell to a record low of Rs 276.58 on the interbank market.

Loss of billions due to the fall of the local rupee

In a letter to the Oil and Gas Regulatory Authority (OGRA) and the Ministry of Energy, the Oil Companies Advisory Council (OCAC) said the industry has suffered losses of billions of rupees due to the sudden drop in the rupee. local. Along with this, due to declining foreign exchange reserves, the government also banned LCs (Letters of Credit).

pakistan imports energy

Pakistan is currently facing a balance of payments crisis and the falling value of the rupee is raising the prices of imported goods. Power comprises a significant part of Pakistan’s import bill. Pakistan typically meets more than a third of its annual electricity demand using imported natural gas, prices for which have risen steadily since Russia’s invasion of Ukraine.

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