OGRA notifies decline in LNG prices

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has notified a reduction in prices of liquefied natural gas (LNG) for consumers of two public gas utilities – Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company (SSGC) – for February 2023, ARY News reported on Monday.

According to details, the LNG price for SNGPL consumers has been reduced by $0.61/mmbtu for February while for SSGC consumers the rate has been slashed by $0.56/mmbtu.

After the reduction, the OGRA has fixed the LNG price at $13.70/mmbtu for SNGPL consumers and $14.31/mmbtu for SSGC consumers.

In January, the LNG price was $13.95/mmbtu for the SNGPL consumers and $14.51/mmbtu for the SSGC consumers.

74 pc hike in natural gas prices

Earlier in January, OGRA approved a 74 per cent increase in the prescribed prices of natural gas for the 2022-23 fiscal year.

READ: OGRA NOTIFIES 74PC INCREASE IN GAS PRICES

According to details, the regulator allowed Sui Northern Gas Pipeline Limited (SNGPL) to increase prices by up to 74.42 percent. It also allowed Sui Southern Gas Company (SSGC) to increase gas prices by 67.75 percent for the year 2022-23.

The oil and gas regulator approved increases of Rs406.28 and Rs469.28 per million British thermal units (mmBtu) for SNGPL and SSGC, respectively.

OGRA further said that the average gas price for SNGPL would reach Rs952.17 per unit from the existing rate of Rs545.89 per mmBtu, while that of SSGCL would reach Rs1,161 per unit from the current Rs692.63 per mmBtu.

Any revision as advised by the federal government shall be accordingly notified by OGRA. Till such time, the existing category-wise natural gas sale prices shall continue to prevail.