KARACHI:
Due to the worsening economic situation, oil companies have been unable to import petroleum products because of issues in the opening of Letters of Credit (LCs). Consequently, retail outlets have not received fuel, which has created a shortage. The Oil Companies Advisory Council also warned the State Bank of Pakistan and the petroleum division of a looming oil crisis if the LCs problem is not resolved.
Even though the government rubbished rumours of an oil shortage, consumers in Punjab and Khyber Pakhtunkhwa have reported widespread closure of petrol stations. Some people believe that companies have created artificial shortages to sell petroleum products at higher rates once the government announces a price increase.
Hours-long gas outages and food shortages are already inflicting severe hardships on the masses. Now a looming petrol crisis will further add to their problems. As usual, the government will not offer any relief to the most vulnerable. The government must strategise to resolve the myriad challenges and curb inflation.
Abdul Qadir
Turbat
Published in The Express Tribune, February 10th, 2023.
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