Contrary to earlier reports, the Oil and Gas Regulatory Authority (OGRA) has approved an increase in gas prices rather than a decrease.
OGRA has allowed an increase in gas prices of up to 7.14 percent. This approval applies to the current financial year and reflects upward revisions for both major gas companies.
For Sui Southern, OGRA has approved an increase of Rs. 118.47 per MMBTU, which amounts to a 7.14 percent rise. With this revision, the new price of gas for Sui Southern will be Rs. 1777.02 per MMBTU.
For Sui Northern, OGRA has approved an increase of 4.89 percent. This translates to a rise of Rs. 86.30 per MMBTU, setting the new price at Rs. 1852.80 per MMBTU.
OGRA has previously allowed a Rs. 60.88 billion adjustment for gas companies to cover their shortfall.
Earlier, the authority had claimed an average reduction of 8 percent in gas prices.
OGRA had also issued a statement to the media regarding the claim of a reduction in gas tariffs.
Reporter: Awais Kiyani