ISLAMABAD – The Council of Common Interests (CCI) granted approval for a stringent gas policy for the year 2024, the sources privy to the development said on Thursday.
The CCI allowed private sectors to sell gas at mutually agreed rates derived from exploration and production forms.
It also emphasized the importance of adherence to the rate policy, said the officials pointing out that the prices should not fall below the set rates to prevent the exploitation of limited gas reserves.
A senior official from the Petroleum Division explained that as per the 2012 Petroleum Policy, the price for LNG (Liquefied Natural Gas) would stand at 7.5 cents per MMBTU (million British thermal units) based on the zone-based 40% premium outlined in the policy.
Later, the government could get a 40% tax and a 12.5% royalty, resulting in a final price hike to $5.50 per MMBTU. The said adjustment would replace the high-priced RLNG (Re-gasified Liquefied Natural Gas) income derived from 500 and 1000 MMBTU gas.
