ISLAMABAD: The Oil Marketing Association of Pakistan (OMAP) has written to the prime minister requesting the release of Rs26 billion to compensate for the industry`s loss due to deficiencies in the current foreign exchange gain/loss recovery mechanism.

The OMAP has said that the matter had already been brought to the notice of the PM`s Office, and it was a matter of concern that has been pending for a considerable time.

The letter highlighted that the industry has accumulated significant unrecovered exchange losses amounting to Rs26bn due to deficiencies in the current foreign exchange gain/loss recovery mechanism.

`Despite acknowledging these flaws and recognising the losses incurred by companies, the Ministry of Energy (Petroleum Division) has been reluctant to address the matter promptly,` the OMAP has said.

It added that to address this issue, the Director General (Oil) convened a meeting on April 8 and the Ministry of Energy (Petroleum Division) developed a concept paper, which was forwarded to Oil and Gas Regulatory Authority (Ogra) for comments on April 22.