OGRA Instructed SC To Bring Down Petroleum Prices
OGRA Instructed SC To Bring Down Petroleum Prices: Chief Justice of Pakistan (CJP) Mian Saqib Nisar ordered the institutions concerned to lower the prices of Petroleum, Oil and Lubricants (POL) products and sought a comprehensive formula to decrease the prices within 10 days.
He warned if there was any gap in the formula, no one would be spared. He remarked that the institutions increased the prices of petroleum products at will. He asked the institutions concerned not to beat about the bush and come up with a comprehensive formula in this regard.
The Supreme Court (SC) expressed reservations about the briefing of the Oil and Gas Regulatory Authority (Ogra), Pakistan State Oil (PSO) and other officials and directed them to review the mechanism of petroleum prices and imposition of taxes.
A three-member bench of the Supreme Court of Pakistan headed by Chief Justice of Pakistan (CJP) Mian Saqib Nisar on Friday conducted hearing into the case pertaining to prices of petroleum products at Karachi Registry of the apex court.
The court ordered to submit details of Ogra and PSO heads’ appointment and commission of petroleum products dealers.
The CJP asked in what capacity the heads of these institutions are working. “The public is fed up with the continuous rise in petroleum prices and the court will not spare anyone who is responsible,” he said.
The chief justice inquired the procedure to minimize the petroleum prices. Secretary finance said the government has not augmented the prices as the interim government has been burdened by the decision of the previous ruling party. He maintained that the prices can be increased further to lessen the loss.
Managing Director of Pakistan State Oil (PSO), who appeared before the court Friday, told the bench that 22 companies, including PSO, are buyers of petroleum products. Every company put forward demand estimates for the next three months during a joint meeting, he informed the court.
The court, while adjourning the hearing till July 5, directed to submit a comprehensive reply from the institutions concerned.
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