HSD price cut: Ogra says has no mandate to review or amend govt policy

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has asked the Oil Companies Advisory Council (OCAC) and Oil Marketing Companies (OMCs) to approach/submit their proposals in writing in case of any grievances which might have impacted them rather to practice other unscrupulous tools through media to malign the organisation, which is totally unacceptable and against the official business norms.

“The regulator does not have any mandate to review or amend the policy guidelines issued by the federal government,” the regulator says.

The regulator totally rejected the one-sided statements published on July 20, 2023, by the OCAC and OMCs regarding high-speed diesel (HSD) price reduction by Rs7 per litre.

OCAC assails Ogra’s HSD price cut decision

The OGRA maintains that the recent prices of petrol and diesel have been worked out strictly in accordance with the formula approved by the Economic Coordination Committee (ECC) of the Cabinet on July 28th, 2020. Therefore, the ECC decision has been applied in letter and spirit and the assertions of the oil industry on pricing mechanism as well as supply disruptions are baseless and unacceptable.

The OGRA operates an open-door policy where stakeholders may approach/ submit their proposals in writing in case of any grievances which might have impacted them rather to practice other unscrupulous tools through media to malign the organisation, which is totally unacceptable and against the official business norms, the OGRA issued a statement.

Copyright Business Recorder, 2023