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.