ISLAMABAD - The Oil and Gas Regulatory Authority (Ogra) on Thursday issued a contract for conducting emergency audit of CNG stations to ascertain the actual and prudent cost of product sold across the country for vehicular use.

Reliable sources informed TheNation that the contract of audit has been issued to Owais Haider and Noman Liaquat auditing firm. They said the firm would recommend the production cost and the profit of the CNG stations.

The audit company is likely to present its recommendations by Nov 12. Profit margin of the CNG stations would be decided on the recommendations of the audit report, the sources said, adding, that Owais Haider and Noman Liaquat Company is among the 14 best auditing firms as ranked by the State Bank of Pakistan.

Earlier, the regulator invited reputable audit firms through expression of interest (EoI) to conduct a cost audit/cost analysis of CNG industry while acting upon the decision of the apex court. Initially, the audit firms were asked to complete the assignment within 60-days of the award of audit and the firms were also held bounded to submit initial report within 45 days. Ten percent CNG stations of each province are expected to face audit. Under the audit per kilogram profit on the sale of commodity and real production cost of the stations were expected to determine by the audit firm(s). Similarly, audit firm(s) is likely to conduct labour, compression cost and other expanses of the stations.

It is pertinent to mention that Ogra invites reputable audit firms registered with ICAP and fall in Category A of panel of Auditors maintained by the State Bank of Pakistan having minimum of five years experience of cost audits of energy/ manufacturing concerns,” document revealed. The bidders were asked to submit a single package containing two separate sealed envelopes in accordance with Rule 36 (b) of PPRA Rules 2004.