The Oil and Gas Regulatory Authority (OGRA) has approved a significant hike in gas prices for the current fiscal year, fulfilling another condition set by the International Monetary Fund (IMF).
According to the announcement, OGRA approved an increase of 8.71% in gas prices for Sui Northern Gas Pipelines Limited (SNGPL) and a 25.78% hike for Sui Southern Gas Company Limited (SSGCL).
With these adjustments, the average gas price for SNGPL will rise to Rs1,778.35 per MMBTU, while the average price for SSGCL will increase to Rs1,762.51 per MMBTU.
The decision has been forwarded to the federal government for final approval. OGRA clarified that the implementation of the revised gas prices will depend on advice from the federal government, with the price hike likely to take effect from January 1, 2025.
The IMF had explicitly demanded the gas price increase as part of its conditions to ensure compliance with the loan program.
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