The South Asian nation is facing a balance of payments crisis and the plummeting value of the Pakistani rupee is driving up the price of imported goods. Power comprises a large part of Pakistan’s import bill. Shortage of The Latest Fuel in Pakistan
Pakistan typically meets more than a third of its annual energy demand using imported natural gas, whose prices soared after Russia’s invasion of Ukraine. pakistan fuel shortage latest
“There is no shortage this fortnight. If we don’t have open LCs right now, we could see shortages in the next fortnight,” a senior official at one of the oil companies told Reuters.
A letter of credit issued by the importer’s banks is a standard form of payment guarantee in the oil trade to the exporter.
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Oil traders, however, are avoiding countries like Pakistan and Sri Lanka due to acute shortages of foreign exchange. Pakistan raised gasoline and diesel prices by 16% to 249.80 Pakistani rupees ($0.9373) a liter on Sunday and is in talks with the IMF to unlock a suspended bailout package.
State-owned refineries Pakistan State Oil (PSO) and Pakistan LNG Ltd have failed to award fuel tenders in recent months.
At an industry meeting on the financial challenges facing fuel importers, officials at the State Bank of Pakistan cited “serious liquidity problems” the country is facing over delays in opening LCs, according to the letter dated 19 January by Imran Ahmed, CEO of Petroleum. , reviewed by Reuters. pakistan fuel shortage latest
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How to Overcome crises Pakistan fuel shortage latest
Energy in all its forms is closely related to the county’s economic prosperity. The demand for energy is increasing daily due to urbanization, climate change, and global warming. Fuel in Pakistan
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Pakistan is an energy-deficient country due to its inadequate mix of energy supply, widening energy gap between supply and demand, and lack of energy efficiency legislation and its implementation.
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