Tariq Wazir Ali, Chairman of the Oil Marketing Association, has written to Prime Minister Shehbaz Sharif, warning that the country’s petroleum industry is on the brink of collapse. He highlighted the severe impact of Rs. 26 billion in foreign exchange losses on the sector and urged immediate intervention.
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Ali emphasized that the petroleum industry is already grappling with multiple challenges. Despite acknowledging the flaws in the foreign exchange system, the Ministry of Petroleum has not addressed the issue. In April, the Director General of Oil convened a meeting to draft recommendations, which were subsequently forwarded to the Oil and Gas Regulatory Authority (OGRA). However, the matter remains unresolved at the Prime Minister’s office, causing further delays.
Ali criticized the Ministry of Petroleum’s delaying tactics, stressing that they are pushing the industry towards disaster. He called on Prime Minister Shehbaz Sharif to urgently address the problem to prevent the industry’s collapse.
