New formula for CNG, petroleum prices agreed

ISLAMABAD: The CNG Association and the Ministry of Petroleum and Natural Resources have agreed to a new formula seeking CNG and petroleum prices at a ratio of 55:45.

According to CNG Association press release issued here on Tuesday, the formula was agreed upon at a meeting between the association representatives and Minister for Petroleum and Natural Resources Dr. Asim Hussain and the Secretary Petroleum.

Ghiyas Paracha, Chairman of the Supreme Council of CNG Association said that the ministry had agreed to send a summary of new prices and reduction in gas loadshedding to the ECC in next 15 days.

He expressed gratitude to the Petroleum Minister for agreeing on the new formula.

He said the minister had assured the CNG sector would also be given a fair share and the days of CNG loadshedding would be reduced.

He said the CNG sector had been providing inexpensive mode of transportation to the poor and the sector was needed to be further promoted.

Copyright APP (Associated Press of Pakistan), 2011