Business

Govt hikes RLNG tariff for Sui gas companies

Published

9 months ago

Farwa

Increase attributed to rise in RLNG Brent prices.
Ogra reduced RLNG prices seven times since January.
Pakistan relies on LNG to meet nearly one-third of its demands.

ISLAMABAD: The government has approved a hike of up to half a dollar per MMBTU or 3.8% in the prices of re-gasified liquefied natural gas (RLNG) for both the Sui gas companies for October 2023, The News reported on Tuesday.

The Oil and Gas Regulatory Authority (Ogra) has released a notification announcing that the price of RLNG for consumers of Sui Northern Gas Pipelines Limited (SNGPL) has increased by $0.496 per MMBTU (3.87%) from the previous month. Similarly, the cost of RLNG for consumers of Sui Southern Gas Company (SSGC) has increased by $0.508 per MMBTU (3.8%) compared to September prices.

The spokesperson for Ogra said, “In accordance with the policy guidelines of the federal government, Ogra has determined the RLNG prices for Sui Gas companies, effective from October 1, 2023,” adding that the increase in RLNG prices is attributed to the rise in RLNG Brent prices in the international market. It announced the provisional prices for the RLNG sale for October.

The weighted average sale price for Sui Northern Gas Pipelines Limited (SNGPL) consumers has been set at $13.3332 per Million Metric British Thermal Units (MMBTU), while Sui Southern Gas Company (SSGC) consumers will be charged $13.8716 per MMBTU.

In September, the RLNG prices set by OGRA were $12.8366 per MMBTU for SNGPL consumers and $13.3636 per MMBTU for SSGC consumers.

The fluctuation in RLNG prices was notable throughout the year. Ogra reduced RLNG prices seven times since January, with two increases recorded in May, September, and now in October. The price started declining in January, with a reduction of up to 2.2%. This was followed by further decrease of 4.3% in February, 3.16% in March, and 0.47% in April. It was increased by 1.3% in May 2023 but then decreased again in June (2.55%), July (1.5%), and August (1.3%). In September, there was an increase of 3.08% in the RLNG price.

The recently revised prices for RLNG include several elements, such as charges for LNG terminals, transmission losses, port charges, and margins for state-owned importers, namely Pakistan State Oil (PSO) and Pakistan LNG Limited (PLL).

They were determined based on the import of eight cargoes by PSO and one cargo by PLL.

In a noteworthy development, the Asian Platts JKM (Japan Korea Marker) LNG price rose to $18.585 per mmBtu on October 23, 2023, marking a 24% increase from the previous month when it was $14.99 per mmBtu on September 25, 2023. Likewise, since August 25, 2022, (when the LNG price peaked at $69.955/mmBtu), its price has reduced by $51.37/mmBtu or 73.4%. JKM is the LNG benchmark price assessment for the spot physical cargoes.

Pakistan relies on LNG imports to meet nearly one-third of its energy demands. However, when comparing the RLNG prices in October 2023 with those of October 2022, the cost for SNGPL consumers decreased by only 9.8%, while SSGC clients experienced an 8.65% reduction over the year.

Business

An investigation was “launched” into PTA’s inability to get Rs. 78 billion back from Telcos

Published

15 hours ago

Farwa

The PTA has reportedly been instructed to reply to NAB by July 29. According to the enquiry, the national exchequer has suffered losses as a result of the delay in collecting dues.

The PTA has been asked to provide NAB with information about any pertinent records, court proceedings, and overdue bills. The NAB Karachi has summoned the PTA officials to appear with all pertinent documentation.

All of the principle sum has to be paid by the LDI firms, according to sources. But due to judicial stay orders, the collection of dues has been impeded.

These sources further state that a steering group has been established by the Ministry of IT to supervise the issue of dues recovery.

In a previous event, the tariffs levied on importing cell phones from outside were clarified by the Pakistan Telecommunication Authority (PTA).

Contrary to what some internet reports claim, PTA clarified in response to recent news regarding the tariffs on mobile phone imports that there hasn’t been a formal decision to remove these levies in Pakistan.

the PTA.Pakistanis living abroad will be the only ones free from these levies, according to the PTA. A SIM card can be inserted and the phone restarted to temporarily register a device for non-PTA mobile subscribers.

Business

Weekly inflation in Pakistan increased by 0.17 percent.

Published

15 hours ago

Farwa

The SPI for the week under review in the aforementioned group was reported at 321.95 points, as opposed to 321.40 points during the previous week, according to the PBS statistics.

The SPI for the combined consumption group saw a 20.09 percent increase in the week under review compared to the same week the previous year.

The weekly SPI includes 51 necessary items for every spending group and 17 urban areas, with a base year of 2015–16 = 100.

The SPI for the lowest consumption category, which is up to Rs 17,732, grew by 0.08 percent from 311.97 points to 312.22 points this past week.

0.18 percent,The index of consumption for the lowest consumption groups, which are Rs 17,732-22,888, Rs 22,889-29,517, Rs 29,518-44,175 and above Rs 44,175; increased by 0.13 percent, 0.15 percent, 0.18 and 0.19 percent, respectively.

Nineteen (37.25%) of the fifty-one commodities had price increases over the week, eight (15.69%) had price decreases, and twenty-four (47.06%) had unchanged pricing.

On a weekly basis, the following commodities saw significant price decreases: tomatoes (9.19%), onions (2.14%), LPG (1.04%), bananas (0.53%), wheat flour (0.35%), potatoes (0.17%), pulse masoor (0.16%), and bread (0.05%).

Chicken (4.80%), garlic (2.01%), pulse gramme (1.87%), eggs (1.71%), beef (0.93%), gur (0.89%), pulse moong (0.84%), fresh milk (0.45%), firewood (0.23%), and cigarettes (0.12%) were among the items whose average prices increased significantly week over week.

The commodities that saw a year-over-year decline were: wheat flour (31.75%); cooking oil (13.44%); vegetable ghee 2.5 kg (10.42%); vegetable ghee 1 kg (9.85%); mustard oil (8.33%); eggs (5.82%); rice basmati broken (4.15%); and tea package (2.52%).

Gas prices for Q1 (570.00%), onions (96.01%), pulse gramme (40.39%), powered milk (39.11%), garlic (34.61%), pulse moong (29.77%), men’s sandals (25.01%), beef (23.52%), salt powder (23.28%), pulse mash (22.50%), and energy saver (17.96%) were among the commodities whose average prices increased year over year.

Business

The price of gold has drastically dropped in Pakistan.

Published

2 days ago

Farwa

As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the cost of 24-karat gold per tola decreased by Rs 2,300, standing at Rs 250,500.

A kilogramme of 24-karat gold costing Rs1,972 less at the local market, making it worth Rs2114,763. Ten grammes of 22-karat gold had a price decrease to Rs196,866 as well.

After losing a significant $43 during the day, the rate per ounce of gold on the international market also decreased. It currently stands at $2,370.

On Thursday, the price of 24-karat silver also experienced a decline, falling by Rs60 to settle at Rs2,860 petal.