Ogra slashes RLNG price by 13pc

The Oil and Gas Regulatory Authority (Ogra) on Monday notified a 13 per cent reduction in the price of re-gasified liquefied natural gas (RLNG) for October as the international spot market remained out of reach of Pakistan and average cost of cargos under a long-term contract slightly came down with oil price cut. The basket RLNG price was also lower because of four cargos, instead of usual two, under the second LNG contract with Qatar that is available to Pakistan at 10.2pc of Brent. The LNG cargos from Qatar under the first contract stood at four for the period, instead of usual six, at the rate of 13.37pc of Brent. According to a notification issued by Ogra on Monday, the average basket price for supply of LNG at import stage (delivered ex-ship) was worked out at $11.56 per million British thermal unit (mmBtu) for Pakistan State Oil (PSO) for eight cargos (all from Qatar) and $11.856 per mmBtu for Pakistan LNG Limited (PLL) for one cargo under another long-term contract with an LNG trader at 12.14pc of Brent.