Petrol and diesel shortage looms over Pakistan: Report
- At present, Pakistan spends 66 per cent of its forex reserve on fuel imports.
The Oil & Gas Regulatory Authority (OGRA) on Monday warned that Pakistan may witness a shortage of petrol and diesel amid a growing shortage of oil across the world due to the ongoing Russia-Ukraine war, reported Geo News, citing The News International. The report added that the Oil Companies Advisory Council (OCAC) informed OGRA about this upcoming shortage, through a letter, due to inadequate imports and limited local availability.
The OCAC said that motor spirit/petrol and petrol and high-speed diesel (HSD) imports were finalized after extensive deliberation and allowed to oil marketing companies (OMCs) in line with their demand in product availability review of products for the month of November 2022.
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Under this review, there was a deficit of 210,000 MT of HSD and 147,000 MT of petrol that was worked out. It was also highlighted that HSD imports in November might be challenging owing to limited availability in the international market.
At present, Pakistan spends 66 per cent of its forex reserve on fuel imports amid surging energy prices worldwide due to the Russia-Ukraine war and the deteriorating economy due to inflation as well as the country's depreciating currency. To be precise, the country is currently spending $21.43 billion annually on fuel imports, The Express Tribune reported.
Along with this, Pakistan's reliance on costly imported fuels is also growing in parallel with the increasing energy needs causing stagnation in the sector.
In a separate development, Pakistan is following into the footsteps of India at a time when pollution levels in the sub-continent are highest anywhere in the world, calling for a policy to tackle rusty old vehicles. Ali Asghar Jamali, the CEO of Indus Motor Company, reportedly told SAMAA Money, that there is a need to bring in vehicle scrappage policy in the country.
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