The Oil and Gas Regulatory Authority (Ogra) has invited gas consumers and the general public for public hearings on the Sui Northern Gas Pipeline Limited (SNGPL)'s petition for an increase in its average prescribed price by Rs 133.31 per mmbtu effective July 1, 2020.
The gas utility is seeking total increase in average prescribed priced by Rs 670.75/mmbtu after including Rs 173.6 billion shortfall of pervious years, and projected shortfall of Rs 43.067 billion for the financial year 2020-2021.
The gas company has estimated re-gasified liquefied natural gas (RLNG) cost of service at Rs 104.21/mmbtu with effect from July 1, 2020. The cost of RLNG diverted towards domestic sector during winter has also been claimed at Rs 73.8 billion.
The petitioner is projecting the cost of gas at Rs 531.66/mmbtu and operating cost of SNGPL Rs 107 per mmbtu by selling 323,070 bbtu for the next financial year. Average prescribed price at Rs 1334.99/mmbtu has been sought including current average prescribed price at Rs 664.25/mmbtu and an increase in average prescribed price at Rs 670.75/mmbtu to meet the shortfall of previous years.
The Sui Northern Gas Pipeline Limited has also asked for Rs 2.80/mmbtu as additional revenue for installation of the LPG Air Mix projects for remote areas where system gas is not available.
The two state companies, the SNGPL and the SSGCL have been given task to set up 30 LPG air mix plants to cater to the domestic gas needs, sources said. The petitioner has asked for Unaccountable for Gas (UFG) adjustment at Rs 2.32/mmbtu, on account of depreciation Rs 73.42/mmbtu, Rs 65.61/mmbtu for late payment surcharge and short-term borrowing, Rs 74.89/mmbtu for return on assets, and Rs 55.50/mmbtu for other operating income.
In the Estimated Revenue Requirements ERR, the petition has also claimed to allow Rs 378.18/mmbtu to meet the shortfalls of financial year 2017-2018, Rs 66.38/mmbtu revenue shortfall for the financial year 2018-2019 and Rs 92.88/mmbtu shortfall for the financial year 2019-2020.
In the wake of COVID-19 and its unprecedented effect on global stock markets, the Securities and Exchange Commission of Pakistan in consultation with market stakeholders and market infrastructure institutions, has decided that for the April 2020 contract, a short sale in 36 specific shares of the futures market shall be subject to an uptick rule. This will ensure the provision of a required prior notice period to the market and retain liquidity in the rollover week. The uptick rule means that the shares of that relevant scrip have to be sold at a price higher than the last trade not lower. Further, to support the mutual fund industry, the maximum period of borrowing by mutual funds for redemption purposes will be extended from existing 90 days to 360 days. Moreover, the commission has allowed relaxing deposit requirements against the base minimum capital of TREC holders. The requirement to perform biometric verification at the time of opening of the account is eased and ...
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