Chairman Ogra, Saeed Ahmed Khan said that the detailed verdict of of the Supreme Court ruling was not issued adding that the regulatory body would decide on the new CNG prices soon and an announcement in this regards would be made within 48 hours. — File Photo by Online

ISLAMABAD: The Supreme Court on Friday announced its verdict on the case pertaining to the pricing of  Compressed Natural Gas (CNG) and declared the pricing formula prepared by the Oil & Gas Regulatory Authority (Ogra) as void, DawnNews reported.

The Supreme Court, in its verdict, said the price of CNG was not in accordance with the law and ordered the Ogra to soon set new prices for CNG.

The court pointed out that the price of one kilogram of CNG had increased from Rs 33 in 2008 to Rs 95 in 2012, adding that, pricing structure of CNG included exorbitant additional charges.

The verdict further said that Ogra was independent of the federal government and was responsible for protecting the interests of consumers and for setting the price of CNG.

The court added in its verdict that monopolistic activity could not be allowed and that Ogra had violated rules  and favoured a few individuals.

Chairman Ogra Saeed Ahmed Khan said a detailed verdict in the case had not yet been issued, adding that, the regulatory body would soon decide on new CNG prices and an announcement in this regard would be made within 48 hours.

Earlier on Thursday, the Supreme Court had reserved it ruling on the case after concluding the hearing.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...
New terror wave
Updated 27 Mar, 2024

New terror wave

The time has come for decisive government action against militancy.
Development costs
27 Mar, 2024

Development costs

A HEFTY escalation of 30pc in the cost of ongoing federal development schemes is one of the many decisions where the...
Aitchison controversy
Updated 27 Mar, 2024

Aitchison controversy

It is hoped that higher authorities realise that politics and nepotism have no place in schools.