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Wednesday, May 22, 2024

LPG price increases by roughly Rs3/kg as winter approaches

Liquefied petroleum gas (LPG) prices have been increased by the Oil & Gas Regulatory Authority (OGRA) for November 2022.

Liquefied petroleum gas (LPG) rates for November have been increased by the Oil & Gas Regulatory Authority (OGRA) by Rs2.96/kg to Rs204.16/kg, according to a formal notification released on Tuesday.

Due to this rise, the residential (11.8 kg) and commercial (45.4 kg) LPG cylinders now cost more than they did before by a combined total of Rs34.91 and Rs134.

Domestic cylinders of the liquefied gaseous fuel were sold for Rs2,374.25 in the previous month, but their cost will increase to Rs2,409.16 in November. In addition, the cost of the commercial cylinder has increased to Rs9,269 now.

Liquefied petroleum gas (LPG) was previously available for as little as Rs10.32/kg thanks to a price reduction by the Oil and Gas Regulatory Authority (OGRA). Regarding the price drop of LPG up to Rs10.32/kg, the OGRA published a notification.

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For October 2022, the cost of LPG was set at Rs201.20/kg. In August, the LPC prices had been slashed up to Rs6 per kilogram for the month of September.

The administration had yesterday kept the cost of gasoline products unchanged for the ensuing two weeks.

This statement was made in advance of the meeting of the International Monetary Fund by Finance Minister Ishaq Dar.

Demand of new LPG policy

Irfan Iqbal Sheikh, the president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), welcomed Musaddik Malik, the petroleum minister, who visited the Federation House and spoke with a sizable group of regional LPG producers as well as commercial and industrial gas customers.

Industrialists from all over Pakistan participated in the high-profile, well-attended session via Zoom.

“LPG is the fuel of the masses and it can play a crucial role in easing gas shortages in the country,” the FPCCI president told the crowd, “given the LPG Policy 2022-23 integrates the feedback of the industry.”

The president of the FPCCI urged that the LPG importers and domestic producers be treated at par. He added that the sale of locally generated LPG between marketing organisations must to be permitted, just like it is with imported LPG.

He continued by saying that since the last LPG policy announcement was made way back in 2015, home, industrial, and commercial consumers require a new LPG policy to reflect current conditions.