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OGRA Approves Increase in Prices of Gas by 45%

ogra approves increase in prices of gas by 45%

Recently a huge increase in petroleum and electricity prices, OGRA approved a 45 percent increase in natural gas prescribed prices for the coming fiscal year.

The regulator has forwarded separate revenue determinations for Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company Limited based on the Determination of Estimated Revenue Requirement (DERR) for the financial year 2022-23. (SSGC).

According to the decision, the regulator allowed the SNGPL to raise gas prices by Rs. 266.58 per mmbtu (45 percent), generating Rs. 261 billion in annual revenue.

For the upcoming fiscal year, the gas company requested a price increase of Rs. 1,079 per mmbtu (198 percent) against a revenue requirement of Rs. 597 billion.

According to the OGRA notification, the financial impact of previous years’ shortfall of Rs. 265 billion, or Rs. 720.20 per mmbtu, has been referred to the federal government for an appropriate policy decision and is not included in the prevailing determination.

The SSGC was issued a price increase of Rs. 308.53 per mmbtu (44 percent), generating Rs. 285.2 billion in annual revenue. The company had requested a 45 percent increase in gas prices, against a revenue requirement of Rs. 286.72 billion for the coming fiscal year.

The determinations have been sent to the federal govt for guidance on category-wise sale prices. Any changes, as informed by the federal government shall be appropriately notified by OGRA, the notification said. It added that till such time the existing category-wise natural gas sale prices shall keep to prevail.

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