CNG prices to slide after arrival of Qatari LNG

Lahore: The All Pakistan CNG Association (APCNGA) on Sunday said gas prices will be reduced after arrival of Qatari LNG in the first week of next month.

The imported LNG will benefit consumers besides reviving Rs 450 billion CNG industry which will reduce oil import bill, pollution and unemployment, said Ghiyas Abdullah Paracha, Chairman Supreme Council APCNGA.
In a statement issued here today, he said that LNG import at the rate of less than five dollars per MMBTU is a great achievement of the government which will prove game changer for the economy.
Ghiyas Paracha said that the deal would improve energy mix, reduce energy crisis and ensure rapid national development.
The credit of LNG deal goes to the Prime Minister Nawaz Sharif and Petroleum Minister Shahid Khaqan Abbasi which is to change energy landscape of the country.
The leader of CNG sector said that LNG import will help power plants, CNG, fertiliser, textile and value-added sector. LNG will help government save one billion dollars per annum.
Ghiyas Paracha said that APCNGA has been trying to keep cost of LNG based CNG 30 percent lower than the petrol prices as the deal is one of the most important agreement brokered by the government.
He said that the impact of LNG would be felt before the effect of economic corridor on the economy.
Meanwhile, Pakistan Overseas Employment Promoters Association (POEPA) Chairman Chaudhry Muhammad Afzal on Sunday said remittances should be increased which are presently sufficient to cover oil, food and LNG import bill but insufficient to cater for total import bill within a decade.
Proper attention and provision of enabling environment can help country grow remittances to a level where it would be sufficient to cover total import bill which would be a great breakthrough, he said.
Remittances were enough to cover oil import bill before the plunge which is to result in 23 percent drop in the import bill that will also shrink deficit, he said.
Chaudhry Muhammad Afzal said that oil import bill has been reduced to twelve billion dollars but it was not improved consumption which indicate economic trend and preferences of refiners.
Reduced oil imports and consumption despite closure of CNG is amazing, he said, adding that remittances are covering food import bill worth 4.5 billion dollars of which edible oil takes the major share of over two billion dollars.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>