pakistan
Pakistan oil industry warns of fuel supply risks after petrol, diesel price cuts
Key takeaways
- Add ARY News on Google AAResize KARACHI, June 24: Oil companies that made billions when prices went up are now protesting as petrol and diesel rates drop.
- According to reports, OCAC sent an emergency letter to the government.
- “If the current policy continues, foreign investors may leave Pakistan,” OCAC wrote.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize KARACHI, June 24: Oil companies that made billions when prices went up are now protesting as petrol and diesel rates drop. The Oil Companies Advisory Council (OCAC) warned the government on Wednesday that supply could be hit, ARY News reported.
According to reports, OCAC sent an emergency letter to the government. It said unilateral pricing decisions have pushed the industry into a financial crisis. The council demanded petrol price be set in consultation with oil marketing companies.
“If the current policy continues, foreign investors may leave Pakistan,” OCAC wrote. It added that weaker oil firms now face bankruptcy.
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