Pakistan's condition like a sinking ship, the petroleum industry in the country is on the verge of collapse

 

Oil companies in Pakistan have warned that due to the huge shortage of dollar in the country and the continuous decline in the value of rupee, there has been a tremendous increase in the business cost, due to which the petroleum industry in the country will end. is on the verge of

The economic condition of India's neighboring country Pakistan is continuously getting worse. Meanwhile, another big news is coming from Pakistan. Oil companies in Pakistan have warned that due to the huge shortage of dollar in the country and the continuous decline in the value of rupee, there has been a tremendous increase in the business cost, due to which the petroleum industry in the country will end. is on the verge of According to a report by Pakistan's news channel Geo News, the government has removed the limit on the dollar in order to meet the demand of the International Monetary Fund (IMF).

Value of Pakistani rupee is Rs 276.58 per dollar

Due to the removal of the limit on the dollar, the Pakistani rupee reached a historic decline of Rs 276.58 per dollar in the international market. Let us tell you that the IMF has imposed several conditions for restoring the relief package for Pakistan, including market-determined exchange rates for the local currency and easing fuel subsidies, and the government of Pakistan has agreed to both these conditions first. Already accepted.

Loss of billions due to fall in exchange rate of Pakistani rupee

The Oil Company Advisory Council (OCAC), in a letter sent to the Oil and Gas Regulatory Authority (OGRA) and the Ministry of Power, has said that the industry has suffered losses running into billions of rupees due to the fall in the exchange rate of the Pakistani rupee as their letters of credit (LCs) There is a possibility of fixing a new rate for Letter of Credit). The government has also imposed restrictions on letters of credit due to dwindling foreign exchange reserves. According to the data of January 27, foreign exchange reserves were reduced to $ 308.62 million, which is enough only for 18 days of imports.