What does OGRA mean in AUTHORITIES
Oil and Gas Regulatory Authority (OGRA) is the regulatory body in Pakistan responsible for the regulation of downstream oil and gas activities. OGRA has been established with a view to ensure secure, reliable, cost-effective and sustainable supply of oil and gas products at competitive prices. OGRA regulates the production, sale, distribution, pricing, transportation and storage of petroleum products as well as associated services. It also oversees the metering system in the oil industry.
OGRA meaning in Authorities in Governmental
OGRA mostly used in an acronym Authorities in Category Governmental that means Oil and Gas Regulatory Authority
Shorthand: OGRA,
Full Form: Oil and Gas Regulatory Authority
For more information of "Oil and Gas Regulatory Authority", see the section below.
Essential Questions and Answers on Oil and Gas Regulatory Authority in "GOVERNMENTAL»AUTHORITIES"
What is OGRA?
Oil and Gas Regulatory Authority (OGRA) is the regulatory body in Pakistan responsible for regulating downstream oil & gas activities such as production, sale, distribution, pricing, transportation & storage of petroleum products & associated services.
What are some of OGRA's responsibilities?
OGRA's responsibility includes overseeing metering system in the oil industry; ensuring secure, reliable, cost-effective & sustainable supply of oil & gas products at competitive prices; issuing licences to new entrants into the market; reviewing supply contracts between suppliers & customers; monitoring stocks; issuing directives to oil companies if deemed necessary; and approving changes in prices charged by suppliers for fuel.
How does OGRA monitor stocks?
OGRA monitors stocks by issuing weekly updates on stock levels throughout Pakistan from its headquarters located in Islamabad. This helps ensure maintenance of an adequate level of reserves across all provinces to prevent shortages during peak demand periods or unexpected supply disruptions.
How often does OGRA review fuel prices?
OGRA reviews fuel prices regularly based on international trends in order to maintain a balance between consumers' need for affordable energy sources while still providing a reasonable rate of return on investment for fuel companies operating within its scope. Furthermore, it can issue directives or make changes to approved prices should it deem necessary without prior notice.
Who is eligible to apply for an operating licence with OGRA?
Any existing business entity with operational experience in handling refined petrol or diesel may apply for an operating licence from OGRA under certain conditions such as passing qualification criteria along with updating financial statements annually. Business entities may be foreign or domestic as long as they meet requirements set out by regulation bodies under Law of Oil Industries 1998 (amended 2002).
Final Words:
Oil and Gas Regulatory Authority (OGRA) plays an important role in maintaining secure and efficient operations within Pakistan's downstream sector by providing oversight over metering systems, acquiring feedback from customers on their experiences with local service providers along with other measures aimed at safeguarding consumer rights while still allowing businesses sufficient room to operate profitably through price controlled regulations among many others outlined within their scope.