The Oil and Gas Regulatory Authority OGRA on Friday has recommended a 47 percent increase in the gas prices for the upcoming fiscal year.
The OGRA spokesperson said that the Sui Northern Gas Pipelines (SNGPL) has requested for a total of 144 percent increase in the Gas Prices, whereas Sui Southern Gas Company (SSGC), made the increase to a total of 30 percent.
The spokesperson added that requests will be made of the hearings by the Gas Supplying Companies in Lahore, Peshawer, Quetta and Karachi.
GAS PRICES ARE MORE LIKELY TO GO UP BY 47 PERCENT: OGRA
The spokesman further said that the OGRA has recommended a 47 percent increase in the SNGPL and 30 percent in the SSGC system.
The Final decision on the Gas prices will be made after the Federal Government approves the hiked prices.
The main reason lying behind this was the rupee hitting an all-time low of Rs 149 in the Interbank Market on Friday.
OGRA has recommended an increase in the Gas Prices under five slabs. The first slab will show an increase of 18 percent, 29 percent in the Second Slab, 32 Percent, Third Slab, 12 Percent in the Fourth Slab, four percent in the Fifth and Sixth Slab.
SNGPL has estimated its revenue requirement of Rs. 474.6 Billion, which includes Rs. 309.5 Billion for the upcoming financial year of 2019-2020, and an adjustment of the shortfall the company faced of Rs. 165.12 Billion in the upcoming years.