ISLAMABAD - Oil and Gas Regulatory Authority has finally devised a CNG price formula that has been sent to Petroleum Ministry for approval suggesting Rs 72.20 and Rs 63.76 per kilogram price of CNG in region 1 and 2 respectively.

Ogra has suggested these prices after the long discussions with the stakeholders in its public hearings held in Lahore and Karachi during the last few days. It is now hoped that the severe crisis faced by the commuters across the country would end soon. Ogra has added Rs 10.56 and Rs 9.60 per kilogram in the existing prices of CNG across the county that had created chaos among the industry and later in the masses as well because the price was not acceptable to CNG owners claiming that was a total loss for them. The CNG association also kept claiming that Rs 31 per kg decrease in CNG price was not ordered by the Supreme Court that later was proved as well.

Meanwhile, it was also proved during the crisis that CNG stations were making unjustified profits for a long time under the shelter of the government whatever the reason was behind it. The sources close to the developments said, “Though the masses had to suffer for few days due to non-availability of CNG but it has led to a long term solution to the crisis and credit, no doubt, goes to the Supreme Court of Pakistan that has raised the issue”.

It has also been learnt that CNG association is not fully happy with the new formula that offers them lesser margin as compared to they were minting earlier but hopefully things will settle down and they will have to cope with the reality with the passage of time.

It is also heard CNG association saying that the prices of CNG should not be fixed as the matter was sub judice. Sources said that they still want to gain time but they don’t know that Ogra has the authority to fix the prices and it is allowed to do so by the Supreme Court as well.