The foreign news agency has said about Pakistan that “due to the decrease in foreign exchange reserves, banks have stopped the payments of imports and due to this, Pakistan may face a decrease in the delivery of petroleum products in February.”
According to the British news agency Reuters, Pakistan is facing a balance of payments crisis and the price of imported goods has increased due to the depreciation of the Pakistani rupee.
A senior official of an oil company in Pakistan said that there will be no shortage (of petroleum products) in these two weeks. But if the LC is not opened now, there may be a decrease in the next two weeks.
Due to dwindling foreign exchange reserves, oil traders in the world are avoiding supplying oil to countries like Pakistan and Sri Lanka.
Pakistan hiked petrol and diesel prices by 16 percent on Sunday and is in talks with the IMF to revive the suspended bailout package.
A letter issued after a meeting on the problems faced by oil importers said, “State Bank officials have said that the country is facing a crisis due to the delay in opening LCs.” ‘
According to the letter, in the same meeting, the managing director of Pakistan State Oil (PSO) said that “one cargo carrying oil has already been canceled due to non-opening of LC on January 13.” He said that “in the country There is limited stock and if this situation continues, a crisis may arise.
Earlier, the Oil Companies Advisory Council had also said that ‘due to the delay in the opening of the LC, an oil crisis may arise in the country.’
In a letter written by the Oil Companies Advisory Council to the Ministry of Finance on January 13, it was said that Pakistan should import 430,000 tons of petrol, 200,000 tons of diesel and 650,000 tons of crude oil every month to meet the demand. There is a need which is worth one billion 30 million dollars.
If the LCs are not opened on time, the import of petroleum products will be affected, which may lead to an oil crisis in the country.
Pakistan bought 223 tons of petrol in December 2022, compared to 68 thousand tons of petrol in December 2021. In January of this year, Pakistan had to buy 270 thousand tons of petrol, while in January last year, 393 thousand tons of petrol were bought.
Some banks have denied delays in opening LCs, while State Bank did not respond to an email from Reuters seeking comment.
A senior official of an oil company said that if there is no delay in the opening of oil, then why were the meetings between the state bank and the oil industry going on all week last week?
PSO said last week that it is “ensuring the supply of petroleum products in the country and there is no shortage of stocks.” It was also said that “oil cargoes are arriving in the country as per schedule.”