Tuesday, June 18, 2024

LPG Prices Reduced by Rs 70 Per Kg

The price of Liquefied Petroleum Gas (LPG) in Pakistan witnessed a substantial reduction, plummeting from Rs250 per kg to Rs180.

Chairman of the LPG Distributors Association, Irfan Khokhar, attributed the price decrease to internal discord within the LPG industry, citing conflicts between local traders and importers as the driving force behind the Rs60 to Rs70 reduction per kg.

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Khokhar explained that the Oil and Gas Development Company Limited (OGDCL) played a pivotal role in cost reduction by decreasing production expenses, coinciding with the arrival of three ships carrying imported LPG at Karachi Port. This proactive measure against the LPG industry's monopolistic practices has resulted in more affordable LPG for consumers.

Anticipating further price decreases, Khokhar predicted the imminent arrival of another LPG ship within the next two to three days, hinting at continued downward pressure on prices in the coming week.

Khokhar criticized the LPG mafia for selling LPG above the rates set by the Oil and Gas Regulatory Authority (OGRA), alleging complacency from government agencies in addressing this issue.

Furthermore, Khokhar expressed concerns that OGDCL's price reductions primarily benefited select individuals within the industry, emphasizing the need for more equitable distribution of cost savings.

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Notably, OGDCL's efforts have led to a significant decrease in production costs, with eligible LPG prices reduced from 162,000 metric tons to 130,000 metric tons, signaling a positive shift in the LPG market dynamics.

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