Pro IQRA News Updates.
ISLAMABAD-The Oil and Gas Regulatory Authority (OGRA) has convened a meeting to inform and align all stakeholders to the prescribed format of “exchange rate mechanism” prepared and approved by the federal government in the pricing of petroleum products. Ministry of Energy (Petroleum Division), Directorate General (Oil), CEOs and CFOs of oil marketing companies including OCAC and OMAP are invited to attend the scheduled meeting, spokesperson Ogra said here. Some concerns regarding exchange rate mechanisms raised have already been addressed by OGRA with the clarification that the calculations of exchange rate adjustments are made on the basis of data provided by PSOs with the provision of payment documents, which are reviewed by OGRA under the Federal Government’s policy guidelines, where the exchange rate adjustment effect is covered up to the maximum period of 60 days from the landing task of the PSO and is limited to the LC release date of the PSO. According to the Federal Government price formula, the benchmark for adjusting the exchange rate is the PSO’s import price and any revision of the price formula is the mandate of the Federal Government. OGRA implements the federal government’s policy guidelines under the OGRA Regulation. However, to bridge the communication gap between stakeholders, OGRA has arranged a meeting on March 21, 2023 in Islamabad to address the concerns of the stakeholders, Ogra spokesperson said.