Explain link between world, local rates: SHC

Both petitioners had questioned the authority of the Ogra to determine and enforce the prices of petroleum products.

KARACHI:

The two petitioners, who questioned the formula to set the price of petroleum products, were asked on Tuesday to explain the correlation between the international and local rates.

A Sindh High Court division bench asked Maulvi Iqbal Haider of the Pakistan Awami Himayat Tehreek and lawyer Syed Abid Hussain to provide details on the net increase in petroleum prices in the international market and its applicability or net effect on prices in Pakistan.

Both petitioners had questioned the authority of the Oil and Gas Regulatory Authority (Ogra) to determine and enforce the prices of petroleum products. Unless the pricing formula is approved by the National Assembly, Ogra cannot announce any changes, they said. The petitioners asked the court to make Ogra rescind its announcement.

Published in The Express Tribune, April 6^th,  2011.