Following a surge in petroleum product prices, the Oil and Gas RegulatoryAuthority (OGRA) took action on Tuesday by officially announcing an upwardadjustment in the prices of liquefied natural gas (LNG). This decision,detailed in an official notification, affects both major gas companies inPakistan, namely the Sui Northern Gas Pipeline Limited (SNGPL) and the SuiSouthern Gas Company Limited (SSGC) for the month of September.
In particular, for SNGPL consumers, the price of liquefied gas hasexperienced a noticeable uptick of $0.35 per million British thermal units(mmbtu). Meanwhile, for customers of SSGC, the rate has seen a slightlymore substantial increase of $0.40 per mmbtu.
These adjustments have resulted in the new LNG price for SNGPL beingestablished at $12.83 per unit, while the rate for SSGC consumers stands at$13.36 per MMBTU.
It is worth noting that Pakistan previously entered into a frameworkagreement with Azerbaijan for the procurement of Liquified Natural Gas(LNG) on flexible terms. This landmark agreement was signed betweenPakistan LNG Limited and the Azeri Company SOCAR in Lahore, a significantevent that was witnessed by the then-Prime Minister Shehbaz Sharif.
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Under the terms of this agreement, its initial duration spans one year,with the possibility of an extension for an additional year. Importantly,Pakistan retains the freedom to accept or decline the monthly LNG cargooffered by Azerbaijan without incurring any financial penalties fornon-acceptance.
