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Pakistan Fuel Crisis: Rumors are now spreading in poor Pakistan, petrol pumps empty due to a false news

Islamabad: There is again a shortage of petrol and diesel in Pakistan. As rumors spread about an impending rise in the prices of petroleum products, hoarding of stocks began. Not only this, the failure of companies to import oil also became a reason for this. Last month, the government hiked the prices of petrol and diesel by PKR 35 (Pakistani Rupee) per litre, days before the scheduled date of revision of oil prices, reported The Express Tribune.

Some petrol pumps have now stopped supply to the customers. They are planning to store it and sell it after a possible increase in the price in the coming days. However, some companies that failed to import petroleum products due to issues in opening Letters of Credit (LCs) are also unable to supply fuel to their retail outlets, leading to a shortage of products. Sources told The Express Tribune that the country has enough stock of petrol and diesel to meet the demand for the next 20 days.

9,800 petrol pumps in Pakistan

He said that currently only six top companies (Pakistan State Oil, Total, Go, Shell and APL) have stock of petroleum products. There are a total of 9,800 petrol pumps in the country, out of which six companies have a network of 6,000 retail outlets. The Express Tribune reported that the remaining oil marketing companies have not been able to import petroleum products due to issues in opening LCs for the remaining 3,800 retail outlets.

Pakistan’s foreign exchange reserves are falling

Pakistan’s foreign exchange reserves are continuously falling. Due to the return of loan, Pakistan is now continuously facing shortage of money. In Pakistan, the containers of essential goods are lying at the ports. State Bank of Pakistan is not able to pay. Pakistan has such a shortage of foreign exchange reserves that it can import only for 18 days. State Bank of Pakistan is paying only for essential items.

(with agency inputs)

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