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CNG sector persuades PM for an immediate cut in gas prices – Alfalah Securities Limited

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by January 19, 2012 Brokerage

Karachi: The Prime Minister has directed the Petroleum Ministry to immediately cut gas prices by reducing the Gas Infrastructure Development Cess (GIDC) and supply gas according to the agreement of January 03, 2012 to the CNG sector after the influence of All Pakistan CNG Association (APCNGA).

According to Alfalah Securities Limited, the CNG sector was imposed a Levy of 14% on account of the Gas Infrastructure Development Cess from January 01, 2012 however the levy would be reduced by 50% after PM’s direction which would lower CNG price. The Oil and Gas Regulatory Authority (OGRA) would revise and determine CNG prices next month. The Prime Minister has also agreed to reduce the gas loadshedding to stations to 8 hours per week and further trimmed down when the supply situation improves.

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