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Tuesday, October 30, 2012

No change in CNG rates till new formula

ISLAMABAD: Chairman Oil and Gas Regulatory Authority (OGRA) Tuesday said the prices of Compressed Natural Gas (CNG) will stay at the existing level till the approval of the commodity's price revision formula by the Supreme Court.

Talking to media persons after a public hearing in connection with the determination of CNG prices, the OGRA Chief said the report of the hearing would be submitted to the apex court on November 1.

"The current prices of CNG will remain in effect till December 31," he said.

He said OGRA is an independent organization and that the government could only send its recommendations to it.

The report to be submitted to the SC on November 1 will also take into account the operational cost incurred on CNG production, he told the media men.

He said the prices of petroleum products will be revised on monthly basis but added that a final decision in this regard is yet to be made.


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