Faced with acute crude oil shortage, Pakistan asks foreign airlines to bring extra fuel

According to details, the national oil refinery is getting less crude oil from the international market and thus cannot supply jet fuel to the foreign airlines.
Faced with acute crude oil shortage, Pakistan asks foreign airlines to bring extra fuel
Representative image

ISLAMABAD: Pakistan has directed all foreign airlines to bring extra fuel when arriving in the country, which is grappling with a shortage of crude oil, reported local vernacular media. The directive comes amid disruption in supply of fuel from oil refineries to nationwide airports, ARY NEWS reported.

According to details, the national oil refinery is getting less crude oil from the international market and thus cannot supply jet fuel to the foreign airlines. Moreover, Pakistan International Airlines (PIA) is also suffering from a shortage of jet fuel and thus, all foreign airlines are directed to bring extra fuel with them, reported Pak vernacular media.

Meanwhile, Pakistan's economy has been in the doldrums amid demands from the International Monetary Fund (IMF) to reverse Former Prime Minister Imran Khan's relief package. According to Finance Minister Miftah Ismail, IMF has set a series of prior conditions in order to revive its Extended Fund Facility (EFF) which involves steep fiscal adjustment close to Pakistani rupees 1.3 trillion, fuel prices raised to breakeven and taxes restored, an amnesty scheme discontinued for industries, circular debt reduced, power rates increased and fiscal savings ensured in order to completely reverse the February 28 relief package extended by the previous government.

Further, according to the fund projections, the Pakistan government's gross debt will decline from 74 per cent of Gross Domestic Product (GDP) in 2021 to an estimated 71.3 pc of GDP in 2022. The fund has projected the government primary balance at -1 per cent for 2022 as against -1.1 per cent in 2021. Furthermore, the government's overall balance is projected at -5.8 per cent .

Related Stories

No stories found.