ISLAMABAD: Liquefied Natural Gas (LNG) prices were reduced by up to 21 percent on Friday, ARY News reported.
The Oil and Gas Regulatory Authority (OGRA) issued an official notification regarding the price decrease.
Overall, LNG prices dropped by as much as $3.91 per MMBTU.
For the Sui Northern system, the LNG price decreased by $3.83 per MMBTU, fixing the new rate at $15.19 per MMBTU.
Meanwhile, the price for the Sui Southern system was slashed by $3.91 per MMBTU, bringing the new rate to $14.22 per MMBTU.
Earlier, start of this month, Pakistan Liquefied Natural Gas Limited (PLNGL) issued a tender seeking bids from international companies for an LNG cargo.
This marks the third time PLNGL has floated the tender, following two previous cancellations.
The tender has been issued for an LNG cargo delivery window between September 12 and September 16.
The deadline for bid submission is September 8, and all received bids will be opened on the same day.
Before this, Pakistan had purchased its most expensive LNG spot cargo to date, with Pakistan LNG Limited (PLL) approving the procurement at $21.88 per MMBtu.
The tender received only one bid, submitted by Total Energies Gas & Power, which offered the cargo at $21.88 per MMBtu.
The latest purchase is Pakistan’s fourth LNG spot cargo for July.
Before this, an LNG cargo for delivery between June 30 and July 4 was purchased at $16.73 per MMBtu.
Another cargo for July 10-11 was bought at $17.37 per MMBtu, followed by a cargo for July 15-16 at $18.23 per MMBtu.
Pakistan purchased its fourth and final LNG cargo for the month at $20.69 per MMBtu, before securing the latest cargo at a record $21.88 per MMBtu, marking the highest LNG spot price paid by the country so far.
