OCAC flags discrepancy in petrol pricing, urges OGRA to review Aug 12, 14 calculations

The Oil Companies Advisory Council wrote to OGRA seeking a second look at petrol pricing on August 12 and 14, according to Profit by Pakistan Today. The council contends that eligible import cargoes of Pakistan State Oil were not fully included in the figures. The omission, it says, produced wide differences between published prices and results from the approved formula.

According to the council, the August 12 price appears to include the premium on MT Nave Atropos, sailed August 5 at $10.87 a barrel, but not MT Khairpur, sailed August 10 at $23.9 a barrel. On the council's calculations, the resulting ex-refinery price is Rs216.93 a litre, compared with its own figure of Rs228.33, leaving a gap of roughly Rs11.39 per litre. A similar gap emerged for August 14, where the council lists four cargoes needing reconciliation and estimates the cost-and-freight effect at roughly Rs8.30 per litre.

The council also noted that the August 15 daily price had not been announced despite reported availability of Platts data. It has sought compensation for under-recovery on sales between August 12 and 17, subject to verification, and wants any refinements routed through the prescribed procedure rather than made unilaterally.