Oil marketing companies expect significant cuts in fuel prices

Karachi: Oil Marketing Companies (OMCs) have hinted at a substantial reduction in petroleum product prices by the end of this week. However, they have strongly opposed being forced into “take or pay” agreements with local refineries, arguing that such terms unfairly increase their financial risks.

According to Tariq Wazir Ali, Chairman of the Oil Marketing Association of Pakistan (OMAP), petrol prices could drop by Rs. 12 per litre, while high-speed diesel (HSD) may see a reduction of Rs. 8 per litre.

The expected price cut comes amid global oil price trends and fluctuations in the local market. Industry experts believe that lower fuel prices could provide relief to consumers and impact inflation and transportation costs.