LAHORE: The Oil Marketing Association of Pakistan (OMAP) has called on Prime Minister Shehbaz Sharif to urgently address the critical challenges facing the petroleum industry. In a letter dated September 5, 2024, OMAP Chairman Tariq Wazir Ali highlighted several pressing issues, including the impact of the zero-rated sales tax policy, which has resulted in Rs 65 billion of held funds, straining oil marketing companies’ (OMCs) cash flows.
Additional concerns include delayed sales tax refunds, unresolved foreign exchange losses, and the smuggling of Iranian petroleum products, which are eroding industry profits and government revenue. Ali urged the Prime Minister to intervene and requested a meeting to discuss potential solutions to safeguard the sector’s viability and future growth.
