ISLAMABAD – PTI government may have to face economic nightmare scenario ifthe current prices of oil remain at same level or rise in theinternational market.
The Shell Chief Executive officer Haroon Rashid on Wednesday said thecountry’s oil import bill could touch $20 billion during the currentfinancial year 2018-19 if the existing price trend continued in the globalmarkets.
Mr Rashid was speaking at the Energy Forum 2018 and recommended thegovernment to lengthen the oil credit facility from the existing 30 days to90 days which would delay payment of $2 to $4 billion during a period whenthe country was seeking a bailout from the IMF, reports *Express Tribune.*
He shared Pakistan’s oil sector had undergone a major change sincepreviously only three oil marketing companies were operating, which had nowincreased to twenty-five.
The Shell CEO said if the oil pipeline infrastructure was overhauled inPakistan, it would contribute to a windfall of $50 to $100 million whichwould be passed on to consumers.