CNG price to be brought back to July 1 level

Pakistan

CNG price to be brought back to July 1 level

Close

Supreme Court said consumers were being crushed under heavy prices.

25 October,2012 11:13 am

A two-judge bench comprising Chief Justice Iftikhar Muhammad Chaudhry and Justice Jawwad S. Khawaja, on Thursday resumed case hearing pertaining to the weekly adjustment in prices of petroleum products and CNG.During case hearing, Chief Justice Iftikhar Muhammad Chaudhry remarked that CNG sale is one of the most profitable business in the country.He inquired from the authorities that under which formula Rs 20.83 operating cost is being allocated to the CNG stations, adding that CNG station owners are gaining Rs 11.19 profit.Justice Jawwad S. Khwaja indicated that CNG salestotal profit exceeds 50%.Pointing out the mismanagements, CJP remarked that 9 million rupees bribe is being collected to issue CNG stations’ license.Justice Khwaja said Rs 67 out of Rs 92.53 for per kilogram of CNG is really questionable.Oil and Gas Regulatory Authority (OGRA) is responsible to ascertain rates under the constitution, the bench added.Later, OGRA declared to bring back CNG price to the July 1 level.