Scarcity of Oil hits country despite raise in petroleum prices
OCAC says after increase in exchange rate of dollar in country, there have been fears of an increase in cost of petroleum products, which may cause an increase in prices.
Despite the huge increase in the prices of petroleum products, petrol-diesel has become extinct, the letter of the Oil Companies Advisory Council has been written in such a way that there is an uproar.
Every day a new crisis for the federal government, now there is a stir in the oil companies, there are fears that the supply of petroleum products in the country will also be affected.
Read also
Government IMF negotiations: Financial institution demands to fulfill all conditions
OCAC, the representative organization of oil companies, wrote a letter to the government. The oil industry is on the brink of collapse, prompting the government to take immediate action. Due to the devaluation of the rupee, the oil industry lost billions of rupees.
According to OCAC, there is a big difference between the new rates of LCs and the selling price of petroleum products. Allow the difference to be transferred to the public at once.
According to the letter, it has also been requested to increase the trade finance of LCs for the oil companies based on the current oil prices.
After the increase in the exchange rate of the dollar in the country by the OCAC letter, there have been fears of an increase in the cost of petroleum products, which may cause an increase in prices.
