ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has perused the concerns raised by the Oil Marketing Association of Pakistan (OMAP) in their recent letter published in print media.
The regulator understands the importance of fostering a collaborative environment for the betterment of the petroleum industry in Pakistan.
The authority would like to assure all stakeholders that the Ogra is fully committed to its role as a regulator and is actively addressing the issues being faced by the oil and gas sector. “We recognise the significance of resolving matters such as FX losses adjustment, price mechanism formula, OMC margin revision and smuggling of Iranian diesel, which fall within the purview of the federal government.”
“It has been observed in the recent past, as soon as the oil industry takes up a matter with the regulator which is a quasi-judicial body, the industry circulates the matter to all other forums giving an impression of influencing the decision-making process. This kind of practice is not mature, non professional and not acceptable at all, and will lead to non-resolution of the issues.
“While we understand the frustrations expressed by the OMAP regarding previous engagements, we assure that we are actively working towards finding effective solutions. We have been collaborating closely with the Ministry of Petroleum and other industry stakeholders to address the challenges and create a conducive environment for the industry’s growth.
The Ogra recognises the importance of private investment and the impact it has on the petroleum industry and the overall economy. We are committed to fostering competition, attracting foreign direct investment, and ensuring the well-being and growth of the sector.
“We appreciate the support from all parties involved and assure that the Ogra remains dedicated to ensuring the resilience of the industry and the prosperity of our nation. We are confident that through collaborative efforts and proactive engagement, we will overcome the challenges faced by the petroleum sector in Pakistan.”
Copyright Business Recorder, 2023