OGRA meets OMCs

KARACHI: Oil and Gas Regulatory Authority (OGRA) is committed to protect consumer interest as well as provide level playing environment for its stakeholders, it said on Friday, in a meeting with oil marketing companies (OMCs) to discuss a mechanism of exchange rate adjustment.

The meeting was attended by the industry including the Oil Companies Advisory Council, Oil Marketing Association of Pakistan, representatives of the ministry of Energy (Petroleum Division) and OGRA.

During the meeting, OGRA’s finance department explained the mechanism of exchange rate adjustment in depth, so that the stakeholders could understand the process. It is pertinent to mention that OGRA implement policies of the federal government.

The authority also heard issues of the OMC’s and wherein detail deliberations were done in that regard to improve understanding of the participants. OGRA said a counter productive media campaign was being run against the authority. “OGRA is cognizant of its mandate and is fully committed to work in public interest,” it said, rebutting the campaign.