PSO asks SBP to ensure LCs to avoid fuel shortage
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Pakistan State Oil (PSO) Managing Director Syed Muhammad Taha has urged the State Bank of Pakistan (SBP) to immediately intervene to ensure the timely issuance of letters of credit to import petroleum products to avoid a fuel shortage in the country.
According to 24NewsHD TV channel, PSO MD wrote a letter to the SBP President asking to take the immediate initiative as the stock of petrol in the country is very low.
The letter read that PSO letters of credit (LCs) for petroleum products were discontinued by the commercial banks as a result of which PSO Cargo Ship for petrol has been canceled.
He wrote that Banks are not opening PSO five LCs of petrol, diesel, and lubricants. “Three cargo ships of 16 lakh barrels of crude oil from Parco and PRL refineries were suspended due to non-opening of LCs.”
In total, 21 LCs of petrol, two crude oil, and four LCs of diesel and lubricants have been suspended due to the non-opening of LCs.
The letter also warned that the situation may lead to a severe shortage of petrol supply.