Gas Prices in Pakistan Set to Rise Once More

The Oil and Gas Regulatory Authority (Ogra) has greenlit another rise in gas tariffs, aiming to address a shortfall of Rs 98 billion. Effective from January 1, 2024, to June 30, 2024, the new rates exacerbate the financial strain on citizens already grappling with steep inflation.

This marks the second upward adjustment in gas prices by the government in the fiscal year 2023-24. Sui Northern Gas Pipelines Limited (SNGPL) will see a 35.13 percent hike, while Sui Southern Gas Company Limited (SSGCL) faces an 8.57 percent increase.

Ogra’s February 2 proposal suggested raising the average gas price to Rs 1,590 per MMBTU, up from Rs 1,291 set in June 2023.

The International Monetary Fund (IMF) has urged biannual reviews of gas prices to alleviate circular debt.

Ogra’s decision on February 2 elevates Sui Northern’s tariff to Rs 1,673.82 per MMBTU and Sui Southern’s to Rs 1,466.40 per MMBTU, from Rs 1,238.68 and Rs 1,350.68, respectively.

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