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Daily Times
August 4, 2021
State-run Pakistan State Oil (PSO) seems to have got itself a new feather for its cap by purchasing a cargo of liquefied natural gas (LNG) at $20.055 per unit, which comes down to almost 30 percent of Brent crude, amounting to the highest-ever price paid by the country for the commodity and quite possibly the ‘second highest summer purchase in the world’, according to the local press. This comes when the government was trying to justify purchases by Pakistan Petroleum Limited (PLL) at a rate of $15.5 per mmbtu as more desirable than other alternate fuels and puts it squarely in the dock as well.
ISLAMABAD: In a rare development, the Oil & Gas Regulatory Authority (Ogra) on Tuesday retracted a notification it issued a day earlier that increased the prices of regasified liquefied natural gas (RLNG) by more than 5.5 per cent for the current month on the basis of an expensive $20.055 per mmBtu cargo.
“As informed by PSO (Pakistan State Oil) that they have scrapped the cargo with offered price of 27.87pc of Brent, RLNG price notified on 2nd August is no more valid and August RLNG price notification is being withdrawn,” said a revised notification issued by the regulator.
Informed sources said the regulator had to withdraw the notification under pressure from the Ministry of Energy which came under public criticism for acquiring expensive LNG import cargo amid mismanagement of various fuels as power consumers faced the brunt of loadshedding in humid weather conditions despite purported surplus generation capacity.
Ogra withdraws notification of RLNG price hike
Our correspondent
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 ncreased 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.
Pakistan hikes price of regasified LNG
Aug 3, 2021 7:25:am
Summary
by: Shardul Sharma
Posted in:
Pakistan hikes price of regasified LNG
Pakistan’s Oil and Gas Regulatory Authority (OGRA) has increased the price of regasified LNG for customers of gas companies Sui Northern Gas Pipelines and Sui Southern Gas Company for August, according to local media reports published on August 3.
OGRA has increase the price for gas from Sui Northern by 5.36% versus the rate in July, while the price for supplies from Sui Southern has gone up by 5.59%,
The Express Tribune reported. Customers of Sui Northern will pay $13.6/mn Btu in August while Sui Southern customers will have to shell out $13.34/mn Btu.