LCCI urges Ogra to revise POL items price fixation formula

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the Oil and Gas Regulatory Authority (Ogra) to revise the petroleum products price fixation formula, as fortnightly change is affecting the estimated cost of doing business, a statement said on Saturday.

LCCI president Mian Tariq Misbah raised the issue during a meeting with Member OGRA (Oil) Zainulabideen Qureshi. Senior vice president Muhammad Nasir Hameed Khan and vice president Tahir Manzoor Chaudhry also spoke on the occasion.

Keeping in view the challenging economic conditions, the government should lower the share of petroleum levies to give some relief to the general public, the LCCI president said, adding that this step will also help decrease the inflation rate, which is currently above 8 per cent.

Misbah said that the business community should be given information about the specific role of Ogra, in particular, the procedures for setting up a new petrol pump.

Zainulabideen Qureshi said that the country follows the oil price mechanism of the Gulf market, adding that the demand for gas is going up at the rate of 10 per cent to 15 per cent/annum.

He said 50 per cent of the gas demand is being met by LNG and the remaining 50 per cent by natural gas.

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