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ISLAMABAD: The Oil Company Advisory Council (OCAC) has asked the Oil and Gas Regulatory Authority (Ogra) to pay attention to problems being faced by major shareholders of the oil industry.

The industry says the Ogra should hold regular meetings with leading oil marketing companies (OMCs), on price differential claim (PDC), the IFEM, and other matters.

“No meeting of the regulator was taken place with the major shareholders of the oil industry, on PDC, IFEM and other matters, and instead non-entity is being projected as a major player in the industry,” the OCAC said to the regulator in the letter.

The Ogra had claimed of holding a meeting with top OMCs and Oil Marketing Association of Pakistan (OMAP) on PDC, IFEM, and other matters. OCAC and its major member companies controlling more than 85pc of the market share were unaware of any such meeting, the letter stated.

Copyright Business Recorder, 2022

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