ISLAMABAD: Oil and Gas Regulatory Authority (OGRA) has approved to increase gas prices by 36 percent for the ongoing financial year.
According to sources, gas companies would take more than 341 billion from the customers under the hike in prices in current year while Rs 500 would be added to the monthly gas bills.
OGRA has sent a summary to petroleum ministry and sought an advice until November 15.
As per official documents, OGRA has raised Rs 57.89 MMBTU after which the prices of Sui Northern Gas became Rs 480.63 MMBTU from Rs 422.72 MMBTU.
On the other hand, Sui Southern Gas prices have also been dropped by Rs 65.12 MMBTU after which it will be sold on Rs 354.24 MMBTU from Rs 419.36 MMBTU.
The decrease in Sui Southern Gas prices would not give any advantage to customers as according to new formula, the prices would be imposed throughout the country.
Keeping in view the relaxation in new gas schemes by Prime Minister Nawaz Sharif, OGRA has ordered Sui Northern Gas employees to take Rs 9 billion from consumers for gas projects.
The authorities have also granted operating income of Sui Northern as 201 billion, operating expenses as 161 billion, operating profit as 39.5 billion and the revenue has been set as 225 billion.
Talking about Sui Southern, OGRA decided operating income as 175 billion, operating expenses as 140 billion, operating profit as 35.4 while the revenue would be 150 billion.
OGRA has also dismissed pleas of Sui Northern and Sui Southern pertaining to get gas theft money from consumers and declared the ratio of UFG as 4.5 percent for both.
A penalty of Rs 7 billion was also imposed on Sui Northern for not controlling gas theft while Rs 13.8 billion fine was discussed for Sui Southern.
Moreover, OGRA would finalise the prices according to its ordinance if petroleum ministry fails to respond till November 15.