The Oil and Gas Regulatory Authority (OGRA) has issued an official notification of a significant increase in the prices of imported LNG for the month of March.
According to the issued notification, the price per MMBTU for Sui Northern consumers has been increased by $2.22 and now the new price has been set at $13.55. Similarly, the price has been increased by $2.26 for Sui Southern consumers, after which the new price there has reached $12.53 per MMBTU.
On the other hand, Federal Finance Minister Muhammad Aurangzeb has also hinted at a further increase in the prices of petroleum products and said that the government is following a policy of saving and austerity, however, it may be inevitable to increase the price of petrol in the coming days.
Earlier to this the Oil and Gas Regulatory Authority (OGRA) has strongly rejected the news spread regarding the increase in LPG prices in the country and said that no new notification has been issued, and LPG prices come into effect on the first of every month. The statement had clarified that every claim or rumor spread regarding the increase in LPG prices is baseless and false. OGRA has appealed to consumers to buy LPG at the fixed price, and if a higher price is charged at any place, they should immediately contact the local administration.
OGRA further said that it is committed to maintaining transparency in LPG prices in the country and will continue to provide accurate information to consumers.
The announcement comes at a time when concerns have spread in the market due to the tense situation in the Middle East and fluctuations in global fuel prices; however, OGRA assured the public that there has been no increase in LPG prices in the country.
Following the US-Israel strikes on Iran in late February, global energy markets are in a panic. Fears of a blockade at the Strait of Hormuz (where most of Pakistan’s fuel passes) have led to “panic buying” and hoarding by the “gas mafia.”
As the month of Ramadan progresses, the demand for cooking gas typically peaks. Retailers are taking advantage of the energy shortage to charge “black market” rates.
Read also: OGRA rejects news regarding increase in LPG prices
