Oil sector rejects new price formula
Pakistan's oil industry has warned that another intervention in the petroleum pricing formula could disrupt fuel supplies, undermine refinery throughput and push oil marketing companies (OMCs) and refineries towards an increasingly unsustainable operating environment. Industry sources said rumours of fresh changes to the pricing formula were circulating but neither refineries nor OMCs had been formally consulted. If implemented, the proposed move would amount to what industry officials described as the ninth intervention in the pricing formula since the Middle East crisis began.