ISLAMABAD: Member Finance Oil and Gas Regulatory Authority Noorul Haq Friday said OGRA had sought details of Liquefied Petroleum Gas (LPG) production and consumption from producers and marketing companies.
Addressing a news conference, he said there was a need to amend relevant rules to determine LPG prices and the OGRA had moved a summary to the government accordingly.
He said per cylinder LPG price should not exceed Rs 900. The Member OGRA said the Council of Common Interests (CCI) considered a summary, submitted by Ministry of Petroleum and Natural Resources on August 25, 2015 and approved the “Liquefied Petroleum Gas (Production and Distribution) Policy, 2015” in-principle.
“The approved summary provides that OGRA will amend the rules and regulations to give effect to this policy.
The scheme of LPG policy provides that OGRA shall regulate and notify the prices of indigenous/local,” he said.
The ministry, he said, has submitted a summary to the Cabinet with regard to amending LPG Rules 2001, adding that after the approval OGRA would be in a position to implement LPG Policy 2016 in letter and spirit.
“While the codal formalities with respect to Regulation of LPG pricing were in transition, Lahore High Court, Lahore in case of M/s Gold Vs. PPL, directed the parties on January 27, 2017 to appear before OGRA who shall decide the matter through speaking order within thirty days after providingopportunity of hearing. OGRA has accordingly held the hearing and the requisite decision shall be submitted in the court in the due course of time,” he said.
He said OGRA deliberated the issue and observed that in the existing Legal Framework of LPG Rules and LPG Policy provides as under OGRA in order to assess the reasonability of local LPG prices.
He said the authority had sought audited accounts for last three years from the LPG producing companies and it would determine the reasonability of proposed LPG prices.