Pakistan Oil Industry Warns of Losses and Bankruptcies Over Fuel Price Cuts

Oil industry cries out over unilateral cut in fuel prices

• Estimates losses of around Rs105bn for refineries and marketing companies • Several OMCs warn of possible bankruptcy amid already shrinking foreign participation in sector • OCAC warns continued policy instability could trigger investor withdrawal and threaten long-term market viability ISLAMABAD: The country’s oil industry has protested against a record 18–20 per cent cut in petroleum prices announced by the prime minister last week, alleging the decision as unilateral, inconsistent with e...

By none@none.com (Khaleeq Kiani)