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Business Pakistan

Companies lacking 20-day petrol reserves issued notices: OGRA

ISLAMABAD: Oil and Gas Regulatory Authority (OGRA) Chairman Saeed Ahmed Khan on Friday has said that petrol demand has been increased by at least 26 percent and it is likely that Compressed Natural Gas (CNG) gets more expensive than petrol.

He said that the companies lacking at least 20-day storage of petrol have been issued notices. OGRA chairman expressed these views in a press conference.

He said that OGRA has issued notices to the companies which did not have 20-day storage of petrol and were in violation of the law. The oil marketing companies in as many as 23 cities are not storing 20-day oil, he added. Khan said that it is government’s responsibility to contain the petrol shortage. He said that raids are being conducted to arrest the people who are selling petrol on increased prices.

Khan said that to administer the supply and demand of petroleum products is not under OGRA’s jurisdiction. OGRA has nothing to do with 5 percent General Sales Tax (GST), he added. Khan said that OGRA maintains the prices of petroleum products in accordance with a specific formula. OGRA chairman said that legal procedure is being followed against the people who are selling Liquefied Petroleum Gas (LPG) on increased prices.

OGRA does not directly maintain the LGP police, he added. He said that the provincial governments are responsible to limit the illegal activities regarding the LPG prices and supply.

As many as 20 LPG companies have been fined at least Rs 2.5 lac each following the order of the Lahore High Court (LHC).

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