ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) and Petroleum Division have proposed hike in prices of petrol and high speed diesel (HSD) by more than Rs5 and Rs6 per litre, respectively, with effect from July 1.
A senior official at the Petroleum Division said some members of the Senate Standing Committee on Petroleum were critical of the proposed prices coming into the public knowledge before approval by the government. He said the non-disclosure of proposed prices only helped oil marketing companies (OMCs) to reap inventory gains instead of partial sharing with dealers and end-consumers at the end of every month.
Separately, the apex court is ceased with a case on taxation on petroleum products and has called all decision makers including the Petroleum Division, Ogra, Federal Board of Revenue and the Ministry of Finance in July.
The top mandarins of these stakeholders had a consultative session on Friday where it was agreed that they would not blame each other before the Supreme Court and adopt a joint position on pricing and taxation.
