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OGRA decides 50pc hike in natural gas prices. The Oil and Gas Regulatory Authority (OGRA) on Friday decided that the prescribed prices of natural gas for the fiscal year 2023–2024 could increase by up to 50% in order to meet the financial needs of the two gas utilities, SNGPL and SSGC.
According to a notification, the regulatory authority determined the revenue needs of Sui gas companies for the fiscal year 2023–2024, and increased the average price per MMBTU for SNGPL and SSGC by 50% and 45%, respectively.
The average prescribed price for gas is Rs. 1238.68 per MMBTU, and SNGPL will charge an additional Rs. 415.11 per MMBTU, or a 50 percent increase.
The average prescribed price for SSGC similarly determined to be Rs1350.68, with an increase in cost per MMBTU of Rs417.23 and an increase percentage of 45%.
The notification stated that the cost of gas, which accounts for roughly over 85% of the determined price, makes up the average prescribed price as determined by OGRA.
Gas prices passed along to consumers and determined in accordance with a contract between the government of Pakistan and gas-producing companies.
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The federal government also consulted by the OGRA regarding category-specific sale prices. “OGRA shall notify any revision in accordance with federal government advice. The notification also stated that up until that point, the current category-based natural gas sale prices would remain in effect.