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The Today's News

Weekly POL prices notification halted, SC told

ISLAMABAD: The Supreme Court (SC) on Thursday resumed hearing the case regarding petroleum prices where the secretary petroleum apprised the bench that the weekly notification of petroleum prices has been halted until Economic Coordination Committee’s (ECC) decision. A two-member bench of the apex court, comprising Chief Justice Iftikhar Muhammad Chaudhry and Justice Jawwad S Khawaja, heard the case regarding petroleum prices today. During today’s hearing, the secretary petroleum told the court that the weekly notification of petroleum product’s prices has been ceased while the agreement between the government and CNG association over the operating cost has also been suspended. He further told the bench that the link between petrol and CNG prices has also been abolished. The minister continued saying that the earlier policy to fix POL prices will be implemented now. The chairman of Oil and Gas Regulatory Authority (Ogra) submitted a report on the formula used for fixing gas prices following the SC directives.