“Cases of overpricing or price manipulation should be reported for immediate action”
ISLAMABAD:
The Oil and Gas Regulatory Authority (Ogra) dismissed rumors of liquefied petroleum gas (LPG) price hike on Wednesday and clarified that no new LPG price notification had been issued, according to a statement issued by OGRA spokesperson Imran Ghaznavi.
The Ogra spokespersons said that LPG prices are officially notified once a month, effective from the first day of every month as per the prescribed pricing mechanism, rejecting all rumors or allegations of a price hike as incorrect.
The Ogra in its statement informed the consumers that the currently notified price remains applicable and urged them to ensure that LPG is sold as per the official prices. “Cases of overcharging or price manipulation should be reported to the local district administration for immediate action,” the spokesperson said.
The regulator reaffirmed its commitment to protect the interests of consumers and maintain transparency and compliance in the LPG market across the country.
Read: Prioritization of domestic energy supply
On February 28, the United States and Israel carried out joint airstrikes on Iran, which effectively closed the Strait of Hormuz in retaliation.
The strait remains the world’s most critical choke point, with 20 million barrels of oil per day (bpd) – nearly 30% of all seaborne oil traded – passing through it. For Pakistan, the vulnerability is acute: About two-thirds of the country’s total LNG supplies pass through this route.
Last week, the government announced a Rs55 per liter hike in petrol and diesel prices following a rise in oil costs amid the ongoing crisis in the Middle East.
Prime Minister Shehbaz Sharif announced sweeping austerity measures on Monday and acknowledged that petrol prices were expected to rise internationally in the coming days. However, the Prime Minister has assured the public that the Government will strive to protect them from the full brunt of these increases.
