New prices are likely to be announced today: OGRA
ISLAMABAD: After the Supreme Court declared the current CNG pricing formula null and void and ordered to formulate the new formula, Oil and Gas Regulatory Authority (OGRA) Chairman Saeed Ahmed Khan said that new prices are likely to be announced Friday (today).
While addressing the media outside the SC building after the case hearing, Chairman OGRA Saeed Ahmed Khan said, “We will try to announce the new CNG prices in 24 to 48 hours.”
Saeed Khan said that OGRA will try to implement the court’s decision as soon as possible. The court has not yet issued the detailed ruling in the case.
He further said that the formula presented in the court will be made more transparent and new CNG prices will be announced within 24 to 48 hours.
Chairman OGRA refused any possible conspiracy in the issue.
It may be mentioned that the SC today announced its verdict in the CNG pricing case and declared the pricing formula presented by the OGRA null and void.
The court also ordered the authority to formulate new guidelines to fix CNG prices following the directives provided by the federal government.
The interim order stated that the price of CNG was not in accordance with the law.
The SC also pointed out that the price of per kilo of CNG increased from Rs 33 in 2008 to Rs 95 in 2012, adding that pricing structure included exorbitant additional charges due to which millions of people were affected.
The court remarked that OGRA has failed in protecting the rights of the customers, and that CNG cartel exploited the rights of the people with the help of the government.