CNG price fixation issue: Petroleum Ministry, OGRA directed to finalise formula

ISLAMABAD - The government Friday asked Petroleum Ministry and Oil and Gas Regulatory Authority to finalise price fixation formula of the Compressed Natural Gas at the earliest.

The Economy Monitoring Committee, chaired by Finance Minister Naveed Qamar, directed Ministry of Petroleum and OGRA to complete its pro-cessing and formulations shortly and take follow up action in consideration of public convenience.

The Ministry of Petroleum and the OGRA briefed the EMC over administrative processing of CNG pricing formula finalisation in sync with all stakeholders. The govt has authorized the OGRA to come up with a formula, which ensure up to 20 per cent rate of return to CNG station owners against current practice of charging double prices.

The OGRA has forwarded a summary to the Law Ministry in order to amend its existing rules, which restrict the body to fix and monitor the CNG prices.