The LPG Association of Pakistan is appreciative of the Government's efforts to reduce LPG Producer Prices and bring them at par with Saudi Aramco Contract Price. Since November 2014, local PG Producers had kept their prices far higher than the international Saudi Aramco Contract Prices, forcing the consumers to pay more for locally produced LPG.
"Although the Government was quick to pass on the benefit of a reduction in global oil prices to the consumers, no such relief was provided in LPG prices" said Farooq Iftikhar, Chairman of the LPG Association of Pakistan.
This led to a surge of substandard LPG imports which ultimately forced Producers to reduce their prices. The LPG Producers realized that they were losing their market share to importers and began reducing their price at the start of the month, albeit still higher than Saudi CP.
"However due to our repeated requests and under the guidance of the Ministry of Petroleum and Natural Resources, Sui Southern Gas Company Limited has reduced its price to match the prevailing month's Saudi Aramco Contract Price of Rs 47,515 (excluding taxes and duties)" said Iftikhar.
"We are very thankful to the Government for this reduction in prices. LPG Companies have been passing on the benefits of reduction in international prices to the consumer and look forward to work with the Government, ensuring that prices remain affordable for the consumer.
We also request other LPG Producers to reduce their price to match the Saudi Aramco CP so that prices are stabilized across the board" said Iftikhar.
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