Pakistan has announced a record increase in liquefied natural gas (LNG) prices for July after purchasing expensive spot cargoes amid heightened tensions in the Middle East.
According to a notification issued by the Oil and Gas Regulatory Authority (OGRA), the LNG sale price has been increased by $6.45 per MMBtu for July.
Under the revised rates, the LNG sale price for consumers on the Sui Northern Gas Pipelines Limited (SNGPL) network has been set at $25.83 per MMBtu, while consumers on the Sui Southern Gas Company (SSGC) network will pay $25.80 per MMBtu.
The sharp increase follows Pakistan’s purchase of five high-priced spot LNG cargoes for July as escalating geopolitical tensions in the Middle East disrupted global energy markets and pushed up LNG prices. As a result, July’s LNG sale prices have risen significantly compared with those in June.
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