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Pakistan announces whooping increase in natural gas prices to woo IMF

04:21 PM | 16 Feb, 2024
Pakistan announces whooping increase in natural gas prices to woo IMF
Source: File Photo

KARACHI – The caretaker government has announced whopping increase of up to 67 percent in prices of natural gas for domestic consumers, with effect from February 1, 2024.

Increasing the gas prices was one of tough conditions laid forth by the International Monetary Fund for the $3 billion bailout package as the South Asian country is making efforts to tackle the economic crisis. 

The Oil and Gas Regulatory Authority (OGRA) has issued a notification regarding the gas tariff hike. The caretaker setup last jacked up the tariff in November 2023. 

The gas price for protected consumers using up to 0.25 cubic hectometers (hm3) and up to 0.9 hm3 has been increased to Rs200 from Rs121 and Rs350 from Rs300, respectively, It makes 40 percent and 67 percent surge in price for the protected consumers. 

The price for non-protected customers consuming up to 0.25 hm3 to above 4 hm3 have been increased to Rs500 to Rs4,200.

The rates for the commercial category have also been jacked up. It has been increased by 2 percent from Rs3,900 per metric million British thermal unit (mmBtu) to Rs3,990 per mmBtu, while for general industries the price has been reduced by 2 percent from Rs2,200 to Rs2,150 mmBtu. 

The rates for export-oriented processing industries saw a two percent increase with new price fixing at Rs2,150 per mmBtu. 

The caretaker government has also jacked up the prices between 175 percent to 714.8 percent for fertilizer companies that use gas as feed-stock.

The increase in gas prices would further intensify inflation in the country where purchasing power of common citizens has already shrunk. 

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PKR rate against US Dollar, Euro, Pound, Riyal - Check 16 April forex rates

Pakistani currency gains momentum against all currencies on April 16, 2024 Tuesday. US dollar was being quoted at 277.9 for buying and 280.85 for selling.

Euro was quoted at 295 for buying and 298 for selling while British Pound stands at 345 for buying, and 349 for selling.

UAE Dirham AED was at 75.4 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 15 April 2024

Currency Symbol Buying Selling
US Dollar USD 277.9 280.85
Euro EUR 295 298
UK Pound Sterling GBP 345 349
U.A.E Dirham AED 75.45 76.2
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 182.7 184.5
Bahrain Dinar BHD 739.38 747.38
Canadian Dollar CAD 204 206.2
China Yuan CNY 38.45 38.85
Danish Krone DKK 40.45 40.85
Hong Kong Dollar HKD 35.57 35.92
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 903.91 912.91
Malaysian Ringgit MYR 58.92 59.52
New Zealand Dollar NZD 167.63 169.63
Norwegians Krone NOK 25.38 25.68
Omani Riyal OMR 722.1 730.1
Qatari Riyal QAR 76.35 77.05
Singapore Dollar SGD 206 208
Swedish Korona SEK 25.72 26.02
Swiss Franc CHF 307.11 309.61
Thai Bhat THB 7.61 7.76

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