Press Coverage


Oil shortage: All Pakistan Business Forum condemn Govt recklessness, mismanagement

January 17, 2015

The business community on Friday criticised the government for its poor management and recklessness, causing severe shortage of petroleum products at a time when the public is already suffering up to 18 hours electricity load shedding couple with unavailability of gas.

They said that when oil rates have been reduced by 50% in global market the PML-N regime cuts the price only by 25% per cent and now it is being sold in black market, giving free hand to the mafia to loot masses, he added.

All Pakistan Business Forum President Ibrahim Qureshi said that with extreme failure in recovery of electricity bills and circular debt of Rs262 billion, the inefficient government has exposed the PSO to the default of Rs50 billion of 6 local banks and the block of its L/Cs to Rs110 billion owing to which POL imports got alarmingly squeezed and stocks of petrol in Punjab got dried out.

He said that it is first time in the history that orders of oil imports given by PSO have been rejected by oil suppliers as its most of the L/Cs have choked down. Resultantly PSO and other OMCs have reduced its POL supplies by 50 percent, depriving the masses of petrol.

APBF President said that the people of Punjab are already facing zero availability of CNG for transportation purposes and now petrol has also become a rare commodity. Long queues in Punjab are visible on petrol pumps because of the shortage in supply of petrol, he added.

APBF President Ibrahim Qureshi urged the government to take immediate measures to restore supply of petroleum product as the shortage is not only causing undue damage to the trade & economic activities but also hitting the general public hard. He said that fuel shortage has brought the vehicular traffic to a grinding halt in the province of Punjab.

APBF President said that Punjab is hub of trade and economic activities and biggest contributor in GDP but Punjab is being hit worse by fuel shortage that would ultimately hit the national economy.

M. Ibrahim Qureshi

President APBF