Islamabad Chamber of Commerce and Industry has lambasted the poor performance of government in managing the import of oil due to which the country was now facing serious petrol crisis.  The industry and people were already facing huge power loadshedding and gas shortage issue while due to metro bus project, residents of twin cities were also facing great difficulties. Now the petrol crisis have added fuel to the fire. 

 

Muzammil Hussain Sabri President, Muhammad Shakeel Munir Senior Vice President and Muhammad Ashfaq Hussain Chatha Vice President, Islamabad Chamber of Commerce and Industry said that due to petrol crisis, movement of raw material and finished goods has been disrupted causing severe losses to business and industry. Moreover, it has become difficult for patients, students and employees to reach hospitals, schools and offices respectively. They said the country was plunging into deeper crisis while government has failed in developing sound strategies to steer the economy out of troubles.

 

They said the petrol issue has been brewing since long as PSO’s receivables have exceeded Rs.200 billion due to which it started defaulting on its obligations in November 2014 while banks also refused providing it loans. However, despite these ominous conditions, government did not take any corrective measures to stem the rising crisis.

 

They said PSO meets almost 65 percent of the POL needs of the country, but was facing serious liquidity crunch and government should urgently come forward to help it out of current troubles because if left stranded, the whole wheel of the economy would come to a grinding halt. 

 

They said PSO has reportedly sought an amount of Rs.100 billion to restore import of oil for keeping the energy cycle running and urged upon the government to immediately release needed funds to PSO as piecemeal payments being made to it would not help in coping with this serious issue 

 

The termed the surging power sector circular debt, which has now crossed Rs.500 billion, as the main cause of current crisis and stressed upon the government take urgent measures to deal with circular debt issue. They were of the view that if a sustainable solution of circular debt was not found, the whole energy chain of the country could collapse that would plunge the business and industry as well as the whole economy into deep crisis.