ISLAMABAD: The Oil Marketing Association of Pakistan (Omap) has written to the prime minister requesting the release of Rs26 billion to compensate for the industry’s loss due to deficiencies in the current foreign exchange gain/loss recovery mechanism.

The Omap has said that the matter had already been brought to the notice of the PM’s Office, and it was a matter of concern that has been pending for a considerable time.

The letter highlighted that the industry has accumulated significant unrecovered exchange losses amounting to Rs26bn due to deficiencies in the current foreign exchange gain/loss recovery mechanism.

“Despite acknowledging these flaws and recognising the losses incurred by companies, the Ministry of Energy (Petroleum Division) has been reluctant to address the matter promptly,” the Omap has said.

It added that to address this issue, the Director General (Oil) convened a meeting on April 8 and the Ministry of Energy (Petroleum Division) developed a concept paper, which was forwarded to Oil and Gas Regulatory Authority (Ogra) for comments on April 22.

Published in Dawn, July 21st, 2024