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Pol-price adjustment mechanism under scrutiny

October 22, 2012


– File Photo

ISLAMABAD: Ministry of Petroleum on Monday sent a summary to the Economic Coordination Committee (ECC) to review the mechanism of weekly adjustment of petroleum prices in the country, DawnNews reported.

National Assembly’s resolution and standing committee’s recommendations have also been sent, along with the summary, to the ECC.

Ministry of petroleum has rejected the National Assembly’s resolution and recommendations of the standing committee, sources said.

Sources also said that the stance of Oil and Gas Regulatory Authority (Ogra) and Finance Ministry, who were against the weekly price adjustment mechanism, was not included in the summary.

Petroleum Ministry Officials said that they would try that the weekly price adjustment mechanism stays.

Meanwhile, Chairman of All Pakistan CNG Association Ghayas Paracha said that if summary was approved, the price of CNG would rise by rupees 34 and would reach to rupees 128 per kg.

Addressing a press conference in Islamabad, Paracha said that price of CNG was being increased illegally for the past 14 days.

He demanded that price increment decision during last three months should be taken back.

He claimed that the weekly adjustment of CNG price was illegal. He said that action should be taken against officials involved in this wrong decision.

The CNG association president said that they would not accept the decision of fixing CNG price at 80 per cent of the petrol price. He said that the association would protest against the decision and would consult the courts in that regard.