Tauqeer Sadiq, Chairman, Oil and Gas Regulatory Authority (Ogra), has said that in wake of the increasing trend in the international market, there are possibilities of increase in petroleum products' prices in Pakistan as well.
"Nothing will be stated at this point of time, as final decision will be taken by the Prime Minister and may be the prices will remain unchanged," Sadiq said while talking to reporters after attending the PAC Monitoring and Implementation Committee meeting here on Tuesday at Parliament House.
"The Ogra is busy in preparing summary for review of the prices of petroleum products and within a day or two the summary would be sent to Prime Minister for final nod," the chairman Ogra said, adding that the fluctuation in dollar prices would also affect the prices of the petroleum products.
Secretary Petroleum told media that Ministerial level talks on Turkmenistan, Afghanistan, Pakistan and India (TAPI) would be held in New Delhi on Thursday to settle the things in this multi-billion project. He said that the contract for feasibility of the Iran Pakistan (IP) Gas Pipeline project was given jointly to ILF, a German Company and National Engineering Service of Pakistan (NESPak). The companies will prepare feasibility of the pipeline, he added.
He said that the two companies would complete the feasibility study by December 2014. "At present 32 per cent of the total gas production is being consumed by Water and Power Development Authority (WAPDA) for power generation and now the Authority is demanding to double the supply for power generation," he added. He said that old gas fields were depleting with the passage of time, but the discovery of new fields in Balochistan and Sindh was balancing gas production.