PM Shehbaz expresses dismay over recent gas price hike

ISLAMABAD: Prime Minister Shehbaz Sharif has expressed his dismay over the recent increase in gas prices, sources revealed on Monday.

Sharif has instructed the Ministry of Energy to expedite 16 tasks within one to three months, alongside a directive to present a forensic audit report on the gas price escalation within one month.

Sources familiar with the matter stated that Sharif has expressed his dismay over the gas price hike and has mandated a comprehensive report on gas infrastructure, instances of gas theft, and operational deficiencies within three months.

Furthermore, a decision was taken to evaluate the performance of the Oil and Gas Regulatory Authority (OGRA) and gas companies.

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The premier issued instructions to establish an inter-ministerial commission immediately to monitor progress on the Iran-Pakistan gas pipeline project.

He also ordered the development of new industrial zones to absorb surplus electricity within a month along with directives to the Power and Petroleum Division to devise a solution within two weeks to overcome the circular debt.

Meanwhile, the Oil and Gas Regulatory Authority heard a request from Sui Northern Gas Company Limited to raise gas prices by 155 per cent.

 Sources said that the Sui Northern Gas Company Limited has proposed a price of 4,489 PKR per MMBTU, potentially resulting in an average bill increase of 155 per cent due to the elevated gas prices.

According to reports, a staggering 600 per cent increase in gas prices has been made over the past one year.