Sherry slams govt for buying most expensive LNG for Sept

ISLAMABAD: PPP Parliamentary leader in Senate Sherry Rehman has said it is shocking to know that the PTI government has bought four LNG cargoes for Sept delivery at the rate of around $15.19-$15.49 per million British thermal units, which is the highest rate since the country started buying the product in 2015. “Earlier, they cancelled a tender for September and October cargoes in a gamble that prices would fall. Had they bought it at $13.78 per mmBtu, we would not have to buy it at this exorbitant price now,” she added. Sherry said the government incompetence has been highlighted in a Bloomberg report, which stated that the current spot price for Asian LNG is trading roughly 67% above the 10-year average. “Had a timely decision taken, we would have been saved from this international embarrassment,” she said. “June saw a record highest import figure of $6.3 billion this year while the current account deficit remained at $1.3 billion during this period,” she said. Senator Sherry said delays and mismanagement in the LNG sector caused Pakistan a loss of $422 million, “but once again, we don’t see any accountability for this.

“It seems that it is only opposition-specific as in this Naya Pakistan, the government and their cronies are exempted from accountability,” she said.

She said the government must give an explanation as it is unfair that people have to pay for their incompetence.