ISLAMABAD - Oil and Gas Regulatory Authority (OGRA) on Monday slashed the prices of imported Re-gasified Liquefied Natural Gas (RLNG) by up to 2.92 percent for the consumers of Sui Southern Gas Company Limited (SSGCL) and Sui Northern Gas Pipeline Limited (SNGPL).

As per the notification issued by the Oil and Gas Regulatory Authority (OGRA) for the month of August, the price of RLNG for Sui Northern Gas Pipeline Limited (SNGPL) has been reduced by $0.5107 per Metric Million British Thermal Unit (MMBtu), while for the Sui Southern Gas Company Limited (SSGCL) it has been reduced by $0.4792 per Metric Million British Thermal Unit (MMBtu). The regulator decreased the weighted average gas sale price of imported RLNG by $0.5107/MMBtu or 2.92pc on the distribution network of SNGPL. After the cut, the prices of RLNG will go down to $16.9496/MMBtu in August from $17.4603/MMBtu during July.

Similarly, the weighted average gas sale price of SSGCL distribution network has been decreased by 2.67pc. The price of RLNG at SSGCL network has been slashed to $0.4792/MMBtu. With reduction the rate of RLNG will come down to $17.4783/MMBtu from $17.9575/MMBtu during July. According to OGRA, a total of seven LNG cargos will be procured in August. Six LNG cargoes will be procured by Pakistan State Oil (PSO) under two long term contracts with Qatar. Pakistan LNG Limited (PLL) will procure one LNG cargo during August. The average cost of the PSO six cargoes from Qatar has been computed at $13.1672/MMBtu, while the cost of the PLL cargo is $13.5040/MMBtu. It is worth mentioning here that for the month of July also the Oil and Gas Regulatory Authority (OGRA) had slashed the prices of imported Re-gasified Liquefied Natural Gas prices by up to 20.57pc for the consumers of Sui Southern Gas Company Limited (SSGC) and Sui Northern Gas Pipeline Limited (SNGPL). The price of RLNG for Sui Northern Gas Pipeline Limited (SNGPL) was reduced by $4.6501/MMBtu, while for the SNGPL it was reduced by $3.3088/MMBtu.