The country is likely to face a shortage of POL products as the import of essential chemicals — required by the refineries to process the crude oil — is in jeopardy due to the ongoing US dollar liquidity crisis.
“The LC for the import of chemicals critical for refinery operations is not being opened, and this situation may lead to reduction or suspension of the refineries’ operations, resulting in a shortage of POL products, particularly of Mogas (petrol),” industrial sources told The News.
“The central bank has informed us that no LC will be opened till December 6, 2022 — the date of payment of bond worth $1 billion,” said one of the suppliers of chemicals.
It was also learnt that the oil marketing companies (OMCs) were facing the same situation because the imported finished products and crude oil consignments were being delayed. However, the issue of essential chemicals is highly critical, as delay in their import will hurt most refinery operations.