“Instances of overcharging or price manipulation should be reported so that immediate action can be taken”
ISLAMABAD:
The Oil and Gas Regulatory Authority (Ogra) on Wednesday dismissed rumors of a liquefied petroleum gas (LPG) price hike and clarified that no new LPG price notification had been issued, according to a statement issued by OGRA spokesperson Imran Ghaznavi.
Ogra spokespersons said LPG prices are officially notified once a month, starting from the first day of every month as per the prescribed pricing mechanism, ruling out any rumor or claim of price hike as incorrect.
La Ogra, in its statement, warned consumers that the currently notified price remains applicable and urged them to ensure that LPG is sold at official rates. “Instances 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 protecting consumer interests and maintaining transparency and compliance in the LPG market at the national level.
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On February 28, the United States and Israel carried out joint airstrikes against Iran that, in retaliation, effectively closed the Strait of Hormuz.
The strait remains the world’s most critical bottleneck: 20 million barrels of oil per day (bpd) pass through it, almost 30% of all oil traded by sea. For Pakistan, the vulnerability is acute: approximately two-thirds of its total LNG supplies transit this route.
Last week, the government announced a Rs 55 per liter increase in petrol and diesel prices following rising oil costs amid the ongoing Middle East crisis.
Prime Minister Shehbaz Sharif on Monday announced sweeping austerity measures, acknowledging that oil prices were expected to rise internationally in the coming days. However, the Prime Minister has assured the public that the government will work hard to protect them from the full burden of these increases.
