• 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). An industry executive said the federal cabinet had approved the pricing mechanism four times in less than three months, and each time the “goalposts were changed” to the industry’s disadvantage during extremely challenging conditions. He warned that several OMCs could face bankruptcy, adding that the country was already short of A-class companies following the exit of Shell, Total, and Chevron.