Tuesday, June 28, 2022
WorldForeign banks stop financing to Pakistan over fuel crisis

Foreign banks stop financing to Pakistan over fuel crisis

While the prices of essential food items are rising sharply in Pakistan, petrol and diesel prices are now rising beyond the reach of the common man.

Pakistan Fuel Crisis: Pakistan is facing a severe fuel crisis. Pakistan’s fuel supply has been severely affected. This is because foreign banks have been shocked that they cannot lend to Pakistan in this matter.

With the prices of essential food items rising sharply, petrol and diesel prices are now rising beyond the reach of the common man.

Meanwhile, with fuel prices skyrocketing, there is a shortage of petrol and diesel. Because, in the midst of increasing subsidy allocation, Pakistan’s oil industry is now facing challenges without foreign exchange for imports of crude and oil products.

Import of oil

Informed sources told Dawn News that the Petroleum Department has informed the Prime Minister and the Finance Minister that the problem in oil imports is increasing day by day. Because foreign banks have been handcuffed as they cannot provide funds to Pakistan. Oil companies (OMCs) have written letters asking for loans, but there has been no response.

Top officials of Pakistan

A senior official told Dawn that all oil production and refineries, with the exception of two major companies, Pakistan State Oil (PSO) and the Pak-Arab Refinery Limited (Barco), were unable to finance the import of petroleum products and crude oil.

Read Also | Increased security for former Pakistani Prime Minister Imran Khan

Bank refusing to lend

The oil industry report sent to the Prime Minister’s Office and the Finance Minister by the Ministry of Petroleum said, “Unfortunately, the country’s fuel supply is currently severely affected by limited credit facilities, high inflation and the value of the Pakistani rupee against the dollar.”

Weakening fuel sector

Oil companies have told the government that the fuel sector has been hit hard by the financial crisis and that it could “break the supply chain.”

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