Islamabad: Oil and Gas Regulatory Authority (OGRA) has approved a 74 per cent increase in the prescribed prices of natural gas for the 2022-23 fiscal year. According to details, the regulator allowed Sui Northern Gas Pipeline Limited (SNGPL) to increase prices by up to 74.42 percent. It also allowed Sui Southern Gas Company (SSGC) to increase gas prices by 67.75 percent for the year 2022-23.

The oil and gas regulator has approved increases of Rs406.28 and Rs469.28 per million British thermal units (mmBtu) for SNGPL and SSGC, respectively. OGRA further said that the average gas price for SNGPL would reach Rs952.17 per unit from the existing rate of Rs545.89 per mmBtu, while that of SSGCL would reach Rs1,161 per unit from the current Rs692.63 per mmBtu.

Any revision as advised by the federal government shall be accordingly notified by OGRA. Till such time, the existing category-wise natural gas sale prices shall continue to prevail. If the federal government fails to provide its recommendations on category- and slab-wise gas prices to Ogra within 40 days, the prescribed prices determined by the authority for each category and slab would stand automatically notified and the gas utilities would be bound to charge new rates. Earlier in the day, the prices of Liquefied Petroleum Gas (LPG) were increased by Rs5 per kg without a notification from the Oil and Gas Regulatory Authority (OGRA).

In a statement, Chairman LPG Distribution Association (LDAP) Irfan Khokhar said that the price now jumped to Rs260 per kg from Rs255 after an increase of Rs5. Meanwhile, the prices of domestic and commercial cylinders increased by R60 and Rs230, respectively. Irfan Khokhar said that the gas was available at Rs270 in Muree, while its price exceeded Rs300 per kg in Gilgit-Baltistan (GB) and Skardu.