Petrol stocks may dry up in Pakistan as banks refuse to open, confirm LCs
The Petroleum Division has warned the State Bank of Pakistan (SBP) that the stocks of petroleum products may dry up as banks are refusing to open and confirm Letters of Credit (LCs) for imports.
Like other sectors, the oil industry in Pakistan is facing hurdles to opening LCs owing to the US dollar shortage and restrictions put in place by the SBP, The Express Tribune reported.
An oil cargo of Pakistan State Oil (PSO) has already been cancelled while LC for another cargo, scheduled for loading on January 23, has not yet been confirmed.
In a letter to the SBP Governor, the Petroleum Division drew his attention towards the difficulties being faced by oil refineries and marketing companies in establishing the LCs.
