The Oil and Gas Regulatory Authority (Ogra) on Sunday sent new pricing formula for Compressed Natural Gas (CNG) to the Economic Co-ordination Committee (ECC) of the Cabinet two days after the Supreme Court's orders. "According to new formula, Rs72.2 per kg and Rs63.76 per kg price of the commodity has been proposed in Region-I and II, respectively," Ogra's Chairman Saeed Ahmed told a private news television.

He said that Ogra had written a letter to the secretary petroleum, Dr Waqar Masood, on Friday for convening a meeting of the committee headed by Farooq H Naek, adding that the secretary had responded to the committee.

The new formula had been sent to the ECC and the decision on the price would be taken by the committee constituted by the ECC. On Friday, the Supreme Court declared Ogra's pricing formula void and ordered it to devise a new formula for the prices.

Copyright Business Recorder, 2012