Pakistan raises LNG prices by record $6.45 per MMBTU

ISLAMABAD: Pakistan has recorded the highest-ever increase in liquefied natural gas (LNG) prices, with the Oil and Gas Regulatory Authority (OGRA) raising the sale price for July by up to $6.45 per MMBTU.

According to an OGRA notification, the LNG sale price has increased significantly, with the rate on the Sui Northern Gas Pipelines Limited (SNGPL) system rising to $25.83 per MMBTU.

The LNG price on the Sui Southern Gas Company (SSGC) system has also increased to $25.80 per MMBTU, according to the notification.

The increase comes as Pakistan had to purchase five expensive spot LNG cargoes in July due to the tense situation in the Middle East, resulting in a sharp rise compared with June prices.

Despite regional tensions, Pakistan received a new LNG cargo from Qatar; however, higher global market costs pushed domestic LNG prices to record levels.