The Oil Marketing Association has warned Prime Minister Shehbaz Sharif that the petroleum industry is on the brink of collapse. In a letter to the Prime Minister, Chairman Tariq Wazir Ali appealed for action to address the $26 billion foreign exchange losses impacting the sector. He stressed that the industry is already struggling with numerous issues and is bearing substantial foreign exchange losses. The letter highlights that despite acknowledging flaws in the foreign exchange system, the Petroleum Ministry has failed to resolve the issue. An April meeting convened by the DG Oil resulted in recommendations sent to OGRA, but the matter remains stalled at the Prime Minister’s Office. Tariq Wazir Ali urged the Prime Minister to provide urgent attention and resolve the delays caused by the Petroleum Ministry, warning that the industry is nearing a state of devastation.

Credit: Independent News Pakistan