Oil industry cries out over unilateral cut in fuel prices

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• 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 established processes, and resulting in an estimated Rs105 billion loss to oil refineries and oil marketing companies (OMCs).