ISLAMABAD: The oil industry has raised alarm over restrictive fuel pricing policies, claiming significant financial losses due to deviations from the government-approved pricing formula. In a letter to the Oil and Gas Regulatory Authority (Ogra), the Oil Companies Advisory Council (OCAC), representing refineries and oil marketing companies, warned that adjustments to the pricing mechanism effective from October 16, 2024, are causing millions in losses.
The reduction of customs duty on high-speed diesel and cuts to the inland freight equalisation margin (IFEM) for diesel and petrol have further strained the industry. The OCAC called for an immediate price revision, urging Ogra to adhere to the approved pricing formula to ensure industry viability and prevent supply chain disruptions.
Story by Zafar Bhutta
