Oil marketing firms demand OGRA to compensate losses

LAHORE: The Oil Marketing Association of Pakistan (OMAP) on Sunday demanded Oil & Gas Regulatory Authority (OGRA) make a policy to recover the losses caused by foreign exchange fluctuations, ARY News reported.

The OMAP Chairman Tariq Wazir Ali penned a letter to OGRA, expressing concerns over financial losses due to the foreign exchange fluctuations and demanding the authority to withdraw the funds given to undeserving companies.

He held the OGRA chairman responsible for the injustices with oil marketing companies.

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The letter read that the oil marketing companies are already facing huge losses due to the financial crunch. The OMAP chairman requested OGRA to make a policy to recover the losses caused by foreign exchange differences.

The chairman said that OGRA also compensated those companies that are not importing oil. He demanded OGRA withdraw funds given to undeserving companies and asked to provide equal opportunities to all stakeholders.