Supreme Court delcares OGRA CNG pricing formula null and void

The Supreme Court of Pakistan announced on Friday its verdict on the case related to the pricing of Compressed Natural Gas (CNG) and declared the pricing formula prepared by the Oil and Gas Regulatory Authority (OGRA) as void.
According to a private television channel, the Supreme Court in its verdict said that the price of CNG was not in accordance with the law and ordered OGRA to set the new prices of CNG soon.
The court pointed out that the price of per kilo of CNG increased from Rs33 in 2008 to Rs95 in 2012, adding that pricing structure of CNG included exorbitant additional charges.
The verdict further said that OGRA is independent of the federal government and is responsible for protection of consumers and for setting the price of CNG.
Chairman OGRA, Saeed Ahmed Khan said that the detailed verdict of of the Supreme Court ruling was not issued adding that the regulatory body would decide on the new CNG prices soon and an announcement in this regards would be made within 48 hours.
Earlier on Thursday the Supreme Court had reserved it ruling on the case after concluding the hearing pertaining to the CNG pricing case.