Updated :
Thursday November 1 , 2012 12:47:34 PM
The Supreme Court on Thursday issued directives to maintain the current prices of CNG until November 19.
During the hearing, Chief Justice Iftikhar Muhammad Chaudhry stated that the court had not conducted an assessment of CNG prices and had left the matter to the Oil & Gas Regulation Authority (Ogra).
Ogra moreover presented a formula for CNG pricing during the hearing. Ogra recommended ending the operating costs in order to collect Rs 5.75 towards production costs.
Ogra also proposed lowering the CNG station owners’ profits per kilogram from Rs 11.20 to Rs 2.95.
The chief justice also took notice of a statement by Adviser to the Prime Minister on Petroleum and Natural Resources Dr Asim Hussain the Advisor Petroleum.
The chief justice said the court had not conducted an assessment of CNG prices and had left the matter to Ogra, adding that, if anyone had any objections, they could contact the Supreme Court’s registrar.
During the hearing, Justice Jawad S. Khwaja remarked that the CNG Association was a cartel and it appeared as if it had been formed by the government. He added that the actual price of CNG was far less than it was at present.
Justice Khwaja added that it was Ogra’s duty to protect the rights of the consumers.
The court moreover accepted the applications filed by the CNG Association and station owners to become parties in the case.
Previously, the Supreme Court had ordered that CNG prices be decreased by Rs 30 over the Eidul Azha holidays as an “Eid gift” to the consumers.
The Supreme Court on Thursday issued directives to maintain the current prices of CNG until November 19.
During the hearing, Chief Justice Iftikhar Muhammad Chaudhry stated that the court had not conducted an assessment of CNG prices and had left the matter to the Oil & Gas Regulation Authority (Ogra).
Ogra moreover presented a formula for CNG pricing during the hearing. Ogra recommended ending the operating costs in order to collect Rs 5.75 towards production costs.
Ogra also proposed lowering the CNG station owners’ profits per kilogram from Rs 11.20 to Rs 2.95.
The chief justice also took notice of a statement by Adviser to the Prime Minister on Petroleum and Natural Resources Dr Asim Hussain the Advisor Petroleum.
The chief justice said the court had not conducted an assessment of CNG prices and had left the matter to Ogra, adding that, if anyone had any objections, they could contact the Supreme Court’s registrar.
During the hearing, Justice Jawad S. Khwaja remarked that the CNG Association was a cartel and it appeared as if it had been formed by the government. He added that the actual price of CNG was far less than it was at present.
Justice Khwaja added that it was Ogra’s duty to protect the rights of the consumers.
The court moreover accepted the applications filed by the CNG Association and station owners to become parties in the case.
Previously, the Supreme Court had ordered that CNG prices be decreased by Rs 30 over the Eidul Azha holidays as an “Eid gift” to the consumers.
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