Islamabad: The Supreme Court of Pakistan in its verdict over the Compressed Natural Gas (CNG) prices case has declared the Oil and Gas Regulatory Authority (Ogra) pricing formula void and ordered it to set new formula for the CNG prices.
A two-member bench of the apex court, comprising Justice Jawad S Khawaj and Justice Khilji Arif Hussain, reserved the verdict after hearing concerned the parties on Thursday.
The court remarked that the Ogra was bound to protect the consumers’ rights but the statistics showed the CNG price had been increased by 300 percent since 2008.
The SC also ordered the authority to follow the instructions of the government to set the prices.
Subsequently, the court adjourned the hearing of the case for indefinite period of time.
Ogra Chairman Saeed Ahmed Khan, while talking to reporters outside the SC after the judgment, said that the authority would try to form new formula within 48 hours.
Ghayas Paracha, the chairman of the CNG association, said that the owners of the CNG station would sell the gas at current prices till the formation of new formula.
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