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Tuesday, March 28, 2023

Major fuel supply disruption feared by oil industry

Latest NewsMajor fuel supply disruption feared by oil industry

Due to restrictions on foreign exchange and product price, Pakistan’s oil industry is having a difficult time obtaining crude oil and petroleum products. The Oil Companies Advisory Council (OCAC), an organisation of more than thirty oil marketing businesses and refineries, has issued warnings of significant supply chain disruptions as a result of the recent depreciation of the rupee and hike in the central bank’s policy rate. The OCAC has recommended the government to either update product prices in accordance with current exchange rates or create an open system for recouping currency losses. The sector also demanded an increase in working capital lines to manage the effects of rising oil costs and rupee devaluation, which are crucial for the sector’s and the economy’s existence.

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