OGRA kowtows to OMCs demands

The Oil marketing companies (OMCs) in Pakistan are set to recover their exchange rate losses from consumers after the Oil and Gas Regulatory Authority (Ogra) bowed down their demand for compensation.

The regulatory authority has issued a letter asking the companies to provide details of their losses incurred during the past six months.

The companies said they have lost around PKR35 billion in that time period due to rupee devaluation.

The OGRA has asked for details of crude oil imports in line with government policies and information on the losses incurred due to the current exchange rate. The move is likely to lead to higher prices for consumers.