ISLAMABAD: Brace Yourself! Natural Gas Prices in Pakistan Set to Skyrocket by 50% in July, The News Reveals
Hold on tight as Pakistan gears up for a potential surge in natural gas prices, with an anticipated 50% hike looming as the new fiscal year kicks off in July, according to a report by The News.
In a significant development, the Oil and Gas Regulatory Authority (Ogra) wrapped up its assessments for two struggling state-run gas utilities and promptly handed them over to the government for official notification.
For the upcoming fiscal year of 2023-24, Ogra has meticulously calculated an estimated revenue requirement (ERR) of a whopping Rs697.4 billion to be collected from gas consumers across the country.
The Sui Northern Gas Pipeline Limited (SNGPL), responsible for catering to gas needs in Punjab and Khyber-Pakhtunkhwa (KP), is projected to collect a staggering Rs358.4 billion from its customers.
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On the other hand, the Sui Southern Gas Company (SSGC), known for its gas supply to consumers in Sindh and Balochistan, is set to accumulate Rs339 billion.
Get ready for the shocking figures! Ogra has determined an average prescribed price of Rs1,238.68/mmBtu for SNGPL, signifying a jaw-dropping 50% surge or an increase of Rs415.11 compared to the current price.
Likewise, the average prescribed price for SSGC stands at Rs1,350.68/mmBtu, marking a significant rise of Rs417.23 or approximately 45%.
Ogra emphasized that the average prescribed price primarily includes the cost of gas, constituting over 85% of the determined price.
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