Oil Industry Crisis.

Last month, the Oil Companies Advisory Council raised red flags over the closure of letters of credit for fuel imports and a potential fuel chain disruption. More than three dozen refineries had complained about the shortage of exchange reserves and refusal of private banks, predicting an eventual collapse of the supply chain. The oil industry continues to remain on this verge as arranging crude oil and petroleum products are proving especially difficult.

With the currency depreciation and increased policy rate, challenges by the OCAC are being reported again. However, the policy ask by the association remains difficult to concede to. It is true that recent economic conditions have dented operations significantly and the severe impact of depreciation is not being contested. A persistent request to 'recover losses' implies an increase in prices, which are already being adjusted frequently.

For the general consumer, affordability has become impossible. Already, much leeway has been given to the sector and prices are being increased as much as possible. A recovery of industry losses is important and the inland freight equalization margin is also legitimate as an ask, but the unaffordability crisis will hamper consumer livelihoods...