Tariq Wazir Ali has issued a stern warning to Prime Minister Shehbaz Sharif, highlighting the imminent collapse of Pakistan petroleum industry. In a recent letter, Ali detailed the severe impact of Rs. 26 billion in foreign exchange losses on the sector and urged for immediate intervention to address the escalating crisis.
Ali’s warning comes amid a backdrop of existing challenges plaguing the petroleum industry. Despite recognizing flaws in the foreign exchange system, the Ministry of Petroleum has yet to resolve the critical issues. An April meeting organized by the Director General of Oil resulted in a set of recommendations, which were subsequently forwarded to the Oil and Gas Regulatory Authority (OGRA). However, these recommendations remain unresolved at the Prime Minister’s office, causing further delays.
The industry’s struggles are exacerbated by these delays and the lack of resolution. Ali criticized the Ministry of Petroleum for its delaying tactics, stating that such inaction is driving the sector towards disaster. He emphasized the urgency of the situation, calling on Prime Minister Shehbaz Sharif to take immediate steps to prevent the industry’s collapse.
The petroleum sector’s collapse would have far-reaching consequences for Pakistan’s economy, affecting everything from energy supply to broader economic stability.
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