SC sets up body to inquire into petrol prices

ISLAMABAD: A three-member bench of the Supreme Court Monday appointed a one-man commission under Justice (R) Rana Bhagwandas to determine wrong doings in the fixation of petroleum prices and submit a detailed report within a month after the start of its work.
The bench, comprising Chief Justice Iftikhar Muhammad Chaudhry, Justice Mian Shakirullah Jan and Justice Raja Fayyaz Ahmed, appointed the commission with the consent of all the concerned parties.
Regarding the fixation of fee and expenses to be paid to the Commission, the bench directed the Attorney General to approach the Federal Government for payment of all expenditures of the commission. However, one million rupees will be paid by the oil companies to the commission in accordance with the direction of the bench.
The bench also directed the Attorney General to talk to Federal Government about providing possible relief to people by reducing petroleum prices.
Attorney General Sardar Muhammad Latif Khosa assured the court he would take up the matter with the government.
According to the direction of the bench, a charted accountant firm namely Ferguson will be appointed as auditor firm to prepare a comprehensive report about the issue of oil prices from the record to be provided by the Oil & Gas Regulatory Authority (OGRA) and Oil Companies Advisory Committee (OCAC) and Oil Companies.
The fee and relevant expenditure will be paid to the auditor firm by the Oil Companies, the bench said. Sardar Latif Khan Khosa appeared before the court on notice.
Muhammad Ikram Chaudhry appeared as counsel of Zafar Iqbal Jhagra. He apprised the court of the recommendations made by the National Accountability Bureau (NAB).
Muhammad Ikram Chaudhry raised a number of issues regarding the fixation of petroleum prices especially after the fall of prices in the international market.