Profiteering: No relief for masses in LPG consumption

LPGAP Chairman said importers of LPG were on a rampage and importing over 20,000 MT of LPG

LAHORE:

Ministry of Petroleum has failed to respond to its national duty of providing LPG at cheaper rate to the masses and is instead involved in profiteering by auctioning its production of LPG at exorbitant rates, said LPG Association of Pakistan (LPGAP) Chairman and former president LCCI Farooq Iftikhar.

He said importers of LPG were on a rampage and importing over 20,000 MT of LPG as import price was extremely attractive. “LPG producers have consistently been setting their LPG base-stock prices far above the monthly Saudi Aramco Contract Price, failing to pass on the benefit to consumers,” he added.

“The current Saudi CP is $333/MT while OGDCL has notified its base-stock price at Rs43,000/MT, PRL at Rs42,000/MT and PARCO at Rs45,000.” Iftikhar said several LPG producers had also been failing to abide by Article 18 of the LPG rules that required the base-stock price to remain fixed for at least a month to foster stability.

Published in The Express Tribune, September 13^th, 2015.

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