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Government rejects 14 percent hike in gas prices

ISLAMABAD (Parliament Times) – Government on Friday rejected Oil and Gas Regulatory Authority s (Ogra) proposal of increasing the gas prices by 14 percent.

The government has decided to maintain the old gas prices in domestic and industrial sector which also includes factories producing fertilizers and electricity.

Petroleum Minister Shahid Khaqan Abbasi has said that the government neither wants the loss of gas companies nor the customers.

According to our calculation, the requirements of the Sui Northern Gas Pipelines Limited (SNGPL) can be met from existing gas tariff, he added.

It is pertinent to mention here that Ogra has proposed the price hike due to the crisis faced by SNGPL.

Presently, the total gas production in the country is 4 billion cubic feet whereas the consumption is 7-8 billion cubic feet.

In order to fulfill the needs of the country, process of LNG import has begun.

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