ISLAMABADL: The Oil and Gas Regulatory Authority (OGRA) has worked out RLNG average price $15.6791 per mmbtu for the consumers of the Sui Northern Gas Pipeline Limited (SNGPL) and $15.4259 per mmbtu for the consumers of the Sui Southern Gas Company (SSGCL) for the month of November.
Pakistan LNG Ltd (PLL) has purchased average spot purchase is all-time high $24.0925, whereas, Pakistan State Oil (PSO) long-term agreement average rate is $9.676 per mmbtu.
The PSO has received eight RLNG cargoes and the PLL has invited emergency tender and purchased two cargoes for November slots.
Weighted average sale price has been worked out in light of the advice of the Ministry of Energy.
The PLL has awarded an LNG contract at a record high price of US$30.6 per mmbtu for a window of November 26-27.
Two firms, Gunvor and ENI, had defaulted on LNG cargoes.
If the PLL rejects the deal, there will be a crisis of gas in the winter season. It accepted the deal which brought a lot of criticism for procuring LNG at the highest-ever rates in history.
The PLL has been facing criticism for the lack of proper strategies to arrange LNG cargoes when the prices of LNG were lower in the international market.
For November, the one cargo was purchased at $17.5350 per mmbtu and other at $30.6500 per mmbtu at spot rate.
For the month of October, the price for consumers of the SNGPL was fixed at $15.7828 per mmbtu and $15.5280 mmbtu for the SSGCL’s consumers.
The average spot price of RLNG was $15.5880 for six cargoes.
Copyright Business Recorder, 2021