For Region I (Potohar, Khyber Pakhtunkhwa, and Balochistan) the CNG price has dropped by Rs30.90 to Rs61.64 per kilo-gramme.
Whereas for Region II ( Sindh, Punjab,and its areas excluding Potohar) the new price of CNG now stands at Rs54.16 with a decrease of Rs30.38 per kilo-gramme.
Oil and Gas Regulatory Authority (OGRA)has issued a notification which states the new prices take effect today (Thursday, October 25).
Earlier on Thursday the Supreme Court resumed hearing the case regarding petroleum and CNG prices and issued the interim order, declaring the current CNG pricing formula was against the law and ordered to implement the July 1, 2012 prices.
A two-member bench of the apex court, comprising Chief Justice Iftikhar Muhammad Chaudhry and Justice Jawwad S Khawaja, heard the case regarding petroleum prices today.
The court stopped the authorities to link petroleum prices with the CNG prices as it is unjustified.
Secretary Petroleum Waqar Masood apprised the bench that the weekly notification of petroleum prices has been halted until Economic Coordination Committee’s (ECC) decision while the agreement between the government and CNG association over the operating cost has also been suspended. He further told the bench that the link between petrol and CNG prices has also been abolished.
The minister continued saying that the earlier policy to fix POL prices will be implemented now.
The chairman of Oil and Gas Regulatory Authority (OGRA) Saeed Ahmed Khan submitted a report on the formula used for fixing gas prices following the SC directives.
The report stated that owners were making Rs11 per kg profit and Rs20 per kg operating cost on CNG.
Labels: Business, Pakistani News
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