ISLAMABAD - The Oil and Gas Regulatory Authority (Ogra) is all set to present three options in the Supreme Court on Wednesday (today), which it thinks can resolve the thorny issue of CNG price. Petroleum ministry top boss Dr Asim Hussain will be presenting the same recommendations to the apex court it had already written to the Petroleum Ministry through a letter on November 27.

A copy of Ogra letter written to the Ministry of Petroleum & Natural Resources (MPNR) available with TheNation disclosed that to end the ongoing CNG crisis across the country, Ogra on November 27 had floated three options in a letter written to the MPNR for its consideration to settle much hyped CNG price muddle. Option one says the MPNR should deregulate the price of Compressed Natural Gas (CNG) and leave it to the market forces to determine CNG price under a policy mechanism. Option two says that federal government itself should determine the price of the commodity instead of Ogra. However the third option suggests assigning the powers of price determination to the regulator itself by introducing amendments in the Ogra Ordinance.

Ogra claims owing to cancellation of the agreement on October 25 between the ministry and CNG association, it is vested with no legal power to notify price of the commodity. Ogra, however, on 25th October had issued CNG price notification after the directions of Supreme Court, it argued. The regulator had determined CNG price formula after accomplishing public hearing in different cities (Lahore, Karachi, Islamabad) of the country to solicit public opinion in this regard.

Meanwhile, petroleum ministry is also supposed to present the recommendations of a subcommittee of National Assembly Standing Committee on Petroleum & Natural resources to the apex court in its today’s hearing on a case of CNG pricing formula because the committee in its meeting unanimously recommended that the MPNR may submit the recommendations before the apex court on 5th December for consideration.