LPG prices likely to fall by up to Rs50 within two days

ISLAMABAD: Prices of liquefied petroleum gas (LPG) are set to fall by up to Rs50 within the next one to two days after Iran-based LPG tankers filled before October 16 were allowed to enter Pakistan, LPG Standing Committee Convener Ali Haider has said.

Ali Haider said the entry of around 900 tankers into Pakistan would ensure better availability of LPG in the country. “Prices of LPG are expected to immediately fall from tomorrow,” he added.

Commenting on the formula used by the oil and gas regulator OGRA to fix LPG prices, Ali Haider criticised the method, stating that prices should be set on a weekly basis rather than a monthly one.

Pakistan imported five LPG cargo ships in October, with total imports reaching 22,000 tonnes during the month.

Talking about Pakistan’s daily LPG demand, Ali Haider said it stood at 12,000 to 13,000 tonnes per day, while demand in Karachi ranged between 4,000 and 5,000 tonnes.

“Some 40 per cent of LPG consumption in Karachi belongs to the commercial sector, while 30 per cent belongs to the industrial sector,” he added.

He added that in Karachi, 40 per cent of total LPG consumption is in the commercial sector, while 30 per cent is used by industry.