The Minister for Energy Omar Ayub, Prime Minister Special Assistant on Petroleum Nadeem Babar has been informed about the dangerous conditions of Attock Refinery Limited (ARL), National Refinery Limited (NRL), Byco Petroleum Pakistan Limited (Byco) and Pakistan Refinery Limited (PRL) and Pak-Arab Refinery Limited (PARCO) through managements. The inventory loss recorded in the month of March and April is nearly over 31 billion and is predicted to be worst in the upcoming months, thus, under unstrained conditions the country’s refineries require urgent interim relief package to prevent financial breakdown. A letter has been written to focal persons that states about the slowdown/shutdown of any refinery with serious consequences. The condition is very critical and immediate steps are necessary for maintaining energy security and to accommodate the defence energy needs. Regrettably, due to Corona pandemic, which has seriously affected the entire world including Pakistan, has breakdown effect on global crude and product prices and severely stuck the refinery sector in Pakistan and worldwide resulting in shape of condensed sales and steep decline of petroleum product prices. The unparalleled devaluing of Pak Rupee against US dollar with few other factors has put the entire Pakistan’s refining industry at stake. Prior to pandemic, Pakistan refineries were carrying huge inventories acquired at higher cost. The refining sector is facing grave threats which needs to be addressed through urgent practical measures.
