Table of Contents

Acute Petrol Shortage to Hit Pakistan Next Week

Refineries warned on Thursday that if the government does not resolve letters of credit (LCs) issues for imported raw materials and additives needed by the domestic refining sector, a petrol crisis could strike the nation by mid-February.

Read More: Chicken Meat Prices Break All Previous Records in Pakistan

According to a national daily, the refining industry claimed in a series of letters that the delay in payments for raw materials and additives, which was made worse by the dollar scarcity, had seriously impeded gasoline production.

Local refineries sent separate letters to Governor State Bank of Pakistan (SBP) Jameel Ahmed and Minister of State for Petroleum Musadik Malik warning them that “the situation will become extremely critical mid-February 2023 if remedial measures are not taken immediately.”

Read More: Chitral’s First-Ever Paragliding Gala Starts Tomorrow

The problem is being exacerbated by difficulties in establishing LCs to pay for raw materials and other inputs. Punjab has already started to experience petrol shortages as a result of vendors stockpiling in anticipation of the price increase predicted in the upcoming fortnightly review.

The SBP’s priority list of necessary imports for important industries’ foreign remittances specifically includes petroleum items. However, banks were holding imports of necessary raw materials and additives for which LCs had previously been established. Banks are still reluctant to create LCs for NMA imports that have a payment due date of February or March 2023.

Read More: BOI Presents Sialkot-Kharian-Rawalpindi Motorway Project to UNDP

Refineries issued a warning that any postponement or suspension of foreign payments for the aforementioned imports would seriously hinder refinery operations, particularly the generation of gasoline locally.

Oil marketing companies (OMCs) were already having problems importing the fuel because of the foreign liquidity crisis Pakistan was experiencing, according to refineries, thus maximum output of domestic petroleum products like gasoline was necessary today.

In addition, they noted that the processing of crude oil and significant savings in valuable foreign currency through import substitution were all results of the refining sector’s significant contributions to Pakistan’s economic growth in the form of revenues, government levies, and taxes.

Read More: Chinese Firm to Help Execute Solar Power Projects

In the letter, it was requested that the authorities not refuse the refinery sector’s request to send a payment or establish LCs in order to advance its commercial activities.

For more updates, stay tuned to Al Sadat Marketing News!

You can also invest in other famous and most in demand housing societies, such as , Blue World City,  Rudn Enclave7 Wonders City PeshawarTaj ResidenciaKingdom Valley,  New Metro City Gujar KhanForest Town RawalpindiUniversity Town RawalpindiICHS TownPark View City IslamabadMulti Gardens B17 Islamabad and Nova City Islamabad.

Al Sadat Marketing please contact 0331 1110005 or visit

Few more real estate housing schemes which are trending now a days in Islamabad by including: Faisal Town Phase 2Prism Town Gujar KhanNew City ParadiseEighteen Islamabad7 Wonders City IslamabadCapital Smart City,  Silver City IslamabadThe Life Residencia,  Faisal Town IslamabadIslamabad Golf CityIslamabad Model Town and Marble Arch Enclave.

Al Sadat Marketing is an emerging Real Estate Agency headquartered in Islamabad, Pakistan. With over 10+ Years of experience, Al Sadat Marketing is providing its services and dealing all trending housing societies projects in different cities of Pakistan. Islamabad Projects, Rawalpindi Projects, Gujar Khan Projects, Burhan Projects, and Peshawar Projects etc.

Book Your Plot Now: +92 331 111 0005

Tags :

Share :

About Author
About Author

Syed Sadat Hussain Shah

Talk to Us!

Latest Posts