OMAP requests Ogra to save oil industry

The Nation  |  Feb 03, 2023

LAHORE - The Oil Marketing Association of Pakistan (OMAP) has requested the chairman Oil and Gas Regulatory Authority (OGRA) to save the oil industry from upcoming severe financial crises due to the rupee depreciation as immediate attention to the matter and required action implementation will prevent the industry from collapsing. Chairman OMAP Tariq Wazir Ali wrote a letter to chairman OGRA intended to highlight and request his prompt action towards the resolution of the issue. He further wrote that an immediate attention to the matter and required action implementation will prevent the industry from collapsing. He said in a letter that the recent depreciation of Pakistan rupee not only affected the country’s economy but the oil industry as well. OMAP also sought OGRA firm support to convince the banks to increase limits of trade finance/LCs as per current oil prices, volumes of companies and exchange rates. 

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