ISLAMABAD, MAR 17 (DNA) — The Oil and Gas Regulatory Authority (OGRA) has convened a meeting to brief and align all the stakeholders with the prescribed format of “Exchange Rate Mechanism” as devised and approved by the Federal Government.
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.
Some concerns with regard to exchange rate mechanism raised have already been responded by OGRA with the clarification that the calculations of exchange rate adjustments are done on the basis of data provided by PSO with provision of payment documents, which are scrutinized by OGRA under Federal Government policy guidelines, wherein, the exchange rate adjustment impact is covered up to the maximum period of 60 days from the Bill of Landing of PSO and is limited to LC discharge date of PSO.
As per Federal Governments’ pricing formula, the benchmark for the adjustment of exchange rate is PSO’s import price and any revision in price formula is the mandate of Federal Government.
OGRA implements the Federal Government policy guidelines under OGRA Ordinance. However, in order to bridge the communication gap among stakeholders, OGRA has arranged a meeting on March 21, 2023 at Islamabad to address the concerns of stakeholders. — DNA
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