Ogra asked to cut CNG station owners' profit

ISLAMABAD - The government on Monday asked Oil and Gas Regulatory Authority (Ogra) to rationalise existing natural gas prices for end consumers by cutting down CNG outlets’ profit from over 50 to 20 per cent.

Petroleum Ministry sources told TheNation that the government had authorised the petroleum and natural gas regulatory body to evaluate existing Compressed Natural Gas (CNG) prices and ensure up to 20 per cent rate of return to CNG station owners. “The current CNG prices are very high, as the outlets are selling gas to end consumers at exorbitant rates,” added the sources.

The decision to evaluate the CNG prices for the end consumers was taken at Economic Monitoring Committee (EMC) meeting, headed by the Finance Minister Syed Naveed Qamar. The decision was based on recommendations of a special committee headed by the Chairman Federal Board of Revenue. The EMC has given a set of guidelines to Ogra, which would come up with a final price of CNG in the next few days.