SC delivers verdict on POL price increase

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ISLAMABAD : The Supreme Court of Pakistan delivered its verdict in the petroleum, CNG and electricity price increase case, directing the Oil & Gas Regulatory Authority (OGRA) to ascertain prices of petroleum products in line with the international markets.

During proceedings today the Supreme Court bench remarked that while prices in the international market are going down the same trend is not witnessed in Pakistan.

Fertilizer
On the issue of subsidizing gas to the fertilizer industry the court has ordered that the subsidy should be continued while availability of urea fertilizer at low rates to farmers should be guaranteed.

Captive Power

The court has ordered that subsidy on gas to captive power plants should be stopped.

NEPRA

The bench further stated, that NEPRA has failed to execute its responsibilities; adding that the authority should ascertain prices in future while keeping consumers and stakeholders in mind. The Supreme Court has also ordered that subsidy being given on electricity prices should not be revoked.

CNG

The Supreme Court has also ordered that collecting additional tax on CNG is illegal. Meanwhile the court has directed the National Accountability Bureau (NAB) to look into the matter of illegal CNG station licenses.

Deposit Tax collection with FBR in three months

The Supreme Court has also ordered that OGRA deposit tax collections with the Federal Bureau of Revenue within 3 months of collections.(GNN)(Geo)