ISLAMABAD, Sept 24: The Senate’s standing committee on natural resources has asked the petroleum ministry to submit the findings of an incomplete inquiry by the National Accountability Bureau into allegations that oil companies had milked Rs200 billion from 2003 to 2006 by working out a misleading pricing formula.

The NAB had stopped investigations because it was not allowed to question officials above the secretary level, but it was also not known what people below the secretary level revealed in their statements during the probe.

The committee, which met here on Wednesday, observed that some officials of the Pakistan State Oil were reportedly involved in appropriations committed under the oil pricing formula as found by the NAB, but instead of facing any action these officials were being promoted.

The committee demanded reduction in oil prices after the recent decline in international crude prices.

It directed the Oil and Gas Regulatory Authority to keep a vigil on the prices of compressed natural gas and liquefied petroleum gas, take punitive action against those involved in overcharging, ensure proper safety at CNG stations and discourage decanting of LPG.

The committee asked the authorities concerned to take action against the “illegal” use of LPG by the auto sector.

Petroleum Secretary G. A. Sabri informed the committee that the Balochistan government had issued security clearance for oil and gas discovery in some areas.

The committee urged the Oil and Gas Development Company to start seismic surveys and drilling activities as soon as possible to meet the rising demand for oil and gas through local production.

The company was advised to contact elders of the area where it wanted to explore or drill for oil and assure people that such activities were in their interest.

Senator Dilawar Abbas, the head of the committee, observed that the local oil production capacity was 40,000 barrels, which was much less than the country’s demand.

Mir Mohammad Naseer Mengal, Bibi Yasmeen Shah, Mir Mohabbat Khan Marri, Rukhsana Zubairi, Dr Mohammad Ismael Buledi, Shahid Hassan Bugti and Mohammad Talha Mahmood attended the meeting.