Islamabad, Dec. 11 -- Pakistan's oil industry stands on the verge of collapse as years of regulatory failure and governmental inaction have left key operational, fiscal, and structural challenges unresolved.

The Oil Companies Advisory Council (OCAC) has once again sounded the alarm, drawing the attention of the Oil and Gas Regulatory Authority (Ogra) to a host of pressing issues from unrecovered sales tax and exchange rate losses to port inefficiencies and the rushed digitisation of retail outlets across the country, as reported by The Express Tribune.

According to The Express Tribune, OCAC Secretary General Syed Nazir A Zaidi has written to Ogra Chairman, with a copy sent to the petroleum minister, outlining the dire state of the indus...