Ogra withdraws notification of RLNG price hike

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) on Tuesday withdrew the notification of increasing the RLNG prices. The regulator took this decision after the Pakistan State Oil (PSO) informed the Ogra that it had scrapped the highest LNG bid of over $20 per mmbtu.

On Monday, the Ogra had allowed SSGCL and SNGPL to increase the price of LNG up to 5.59 percent, due to expensive deals by Pakistan LNG Limited (PLL). The PLL has secured the most expensive deals at over $15 per mmbtu by shelving cheaper deals and it has been the major reason for the increasing prices of LNG for customers of SNGPL and SSGC.

Ogra increased the provisional price of RLNG for the consumers of both companies and jacked up the rates for consumers of SNGPL by $0.692 per mmbtu or 5.36 percent, while for the consumers of SSGC, it has been increased by $0.707 per mmbtu or 5.59 percent, said the notification issued by the regulator.