OGRA asks OMCs to reduce HOBC fuel price as per decline in int’l market
- Whilst the price of this product was deregulated, however, in the interest of consumers it was expected that OMC should sell it at a reasonable price.
- “There seems to be a form of consensus between various Oil Marketing Companies (OMCs) to sell HOB
ISLAMABAD: Taking note of exorbitant retail price of High Octane Blending Component (HOBC), the Oil and Gas Regulatory Authority (OGRA) on Friday advised all Oil Marketing Companies (OMCs) to reduce the fuel price in line with the decline at international level.
“OGRA has taken up the matter of HOBC pricing with OMC’s, keeping in view the consumers interest. All OMC’s have been advised to set reasonable prices in line with the declining oil prices in international market,” authority spokesman Imran Ghaznavi said in a tweet.
Meanwhile, OGRA asked the Pakistan State Oil (PSO) company in writing that the price of HOBC, being charged in the market at various retail outlets, was considerably higher than its cost.
Whilst the price of this product was deregulated, however, in the interest of consumers it was expected that OMC should sell it at a reasonable price.
“There seems to be a form of consensus between various Oil Marketing Companies (OMCs) to sell HOBC at a much higher price.”
OGRA advised the OMCs to reduce the price to a reasonable level based on their costs and warned them that the Competition Commission of Pakistan (CCP) could take notice of such cartelization.
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