World News
Pakistan Petrol Crisis: Such a big crisis is going to come on Pakistan that the whole country will be shattered, the country will yearn for every drop of petrol
There will be shortage of petrol in the country
Pakistan is currently going through a balance of payments crisis. Due to the rapidly depreciating rupee, the cost of imported goods is also increasing. Energy comprises a major portion of the import bill and the country is now believed to be in a major crisis. Pakistan meets one-third of its energy needs annually through imported natural gas. Natural gas prices have skyrocketed ever since the war between Russia and Ukraine started.
why petrol is not available
A senior official has told news agency Reuters that there will be no shortage in the next 15 days. If we do not open the Letter of Credit (LC) now, then after 15 days the country may face a huge deficit. Letter of Credit is issued on behalf of the importer’s banks. The letter of credit is used by the exporter as a standard payment guarantee in the oil business. Oil traders are keeping distance from countries like Pakistan and Sri Lanka due to shortage in foreign exchange reserves.
Pakistan Economic Crisis: Pakistan remained stunned, IMF gave billions of dollars to BangladeshNo help from IMF
Petrol and diesel prices have increased by 16 percent in Pakistan on Sunday. Now one liter of petrol is being sold in the country for around Rs.250. Pakistan is in constant talks with the International Monetary Fund (IMF) for a bailout package. IMF has locked the bailout package to be issued for the country.
Several fuel tenders have been issued one after the other in the last few months by the country’s refinery Pakistan State Oil (PSO) and Pakistan LNG Limited. According to the data received by Kepler, Pakistan has imported 223,000 tonnes of gas in December 2022. While exactly one year the same figure was 608,000 tonnes.
