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Thursday, February 15, 2024

Petroleum Division Dispels Misleading Reports of Gas Price Hike

The Petroleum Division refutes media reports claiming a 25% gas price hike approved by the CCI, clarifying that while the CCI increased gas sales to third parties to 35%, it's not linked to a price increase.

The Petroleum Division (PD) on Tuesday rejected a news item appearing in a section of media titled “CCI approves 25pc hike in sale price of gas,” terming it ‘incorrect and contract to facts.’

In a press statement, the Petroleum Division clarified that there was no decision made regarding gas prices in the CCI.

The statement further addressed the paragraph indicating that the CCI had approved an increase in the sale price of natural gas to third parties on a commercial basis from 10 percent to 35 percent.

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The clarification said that the Council of Common Interests (CCI) had indeed considered the Ministry’s proposal for a 50 percent share of gas sale to third parties.

However, the CCI ultimately decided to increase the sale of gas to third parties from the existing 10 percent to 35 percent on a competitive basis.

The Petroleum Division said that this increase in share should not be misconstrued as a price increase.

It said that the share increase has been inaccurately associated with a price increase and clarified this for the information of all concerned.