PHOTO: FILE
This will translate into reduced CNG prices along with a reduction in costs of industrial and agricultural production due to lower electricity tariffs, he said, according to a statement issued on Thursday.
Paracha said Abbasi’s efforts spanning over four years (including his tenure as petroleum minister) had started paying dividends as the transportation cost of gas had come down due to increased imports.
A new liquefied natural gas (LNG) terminal would be operational within two months, which would lead to increased imports, reduced supply-demand gap and a further fall in transportation costs, he claimed, which would benefit the economy and the masses.
The CNG sector leader said the lower price of imported gas would bring down electricity tariffs and support commercial activities through lower operating costs, which would improve local producers’ competitiveness.
He pointed out that the premier prioritised economic revival and was focusing on improving the weak energy sector that held back growth for several years.
Paracha highlighted the textile and fertiliser sectors as immediate beneficiaries of cheaper gas prices, adding the energy sector required full attention of the government to end dependence on multilateral institutions.
He anticipated that more LNG terminals would be operational during the current PM’s tenure to bridge the gap between supply and demand of gas and pave the way for rapid economic growth.
He also expressed gratitude to the prime minister, saying the latter was trying to ensure constant energy supply at affordable rates.
Published in The Express Tribune, September 8th, 2017.
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