PM expresses concerns over recent surge in gas prices

Islamabad: Prime Minister Shehbaz Sharif on Monday expressed concern over the recent surge in gas prices and called for a thorough forensic audit report on the matter, according to sources familiar with the situation on Monday.

The PM also sought reports on the state of gas infrastructure, incidents of gas theft, and operational shortcomings to be submitted within three months.

PM Shehbaz instructed the Ministry of Energy to expedite the completion of 16 tasks within a timeframe of one to three months.

Evaluation of the performance of both OGRA and gas companies, they said, was also decided with immediate directives issued to establish an inter-ministerial commission to oversee the Iran-Pakistan gas pipeline project.

Within the span of a month, plans are expected to be presented aimed at utilizing surplus electricity through the establishment of new industrial zones. Additionally, directives have been issued to address circular debt issues within the power and petroleum divisions within a two-week timeframe.

Meanwhile, the Oil and Gas Regulatory Authority (OGRA) is currently reviewing a petition filed by Sui Northern Gas Company, seeking a 155 percent increase in gas prices.

The sources revealed that gas prices were soared by as much as 600 percent in the past year alone.

They said that the Sui Northern Gas Company proposed a rate of Rs 4,489 per MMBTU, and if approved, this increase could lead to an additional average rise of up to 155 percent in consumer bills.