LAHORE - Pakistan LPG Marketers Association (PLPGMA) has expressed concerns over misleading reports regarding increase in LPG prices. All OGRA Licensed LPG Marketing Companies have been selling locally produced LPG at Rs1200-1300 per 11.8 kg cylinder to distributors, whereas the OGRA notified price for consumer for the month of December was Rs1514/- per 11.8 Kg cylinder.

While chairing a meeting, Chairman PLPGMA Farooq Iftikhar said that during the last 4-5 days because of extreme climatic condition, closure of CNG by the government and inadequate LNG supplies, pressure has converged on supplies of LPG which were limited in quantity.

The price of LPG in the market has increased during the last 3-4 days as the price of imports of LPG ex Karachi and Taftan has risen following the surge in spot Saudi Aramco Contract price by over Rs15,500 per MT.

The price of imported LPG which was previously being sold at around Rs103,000/- per MT ex Karachi has increased to Rs115,000/- per MT leaving marketing companies with no choice but to purchase expensive imports and cater to the demand so that the market is kept supplied with this fuel following closure of gas supplies by the government.

OGRA fixes consumer price only for locally produced LPG and does not have a price ceiling for imported LPG. The subsequent increase in price was also assisted by the government not importing LNG in adequate quantity at proper time.

PLPGMA regrets that incorrect information is being released to the press by various quarters to save their skin whereas the fact is that LPG marketing companies are serving the masses when natural gas and LNG is not available and LPG is being made available to the consumers to meet their needs.

The local government which has starting harassing the dealers, should refrain from this practice as it will only lead to black marketing of product.

 

PSX witnesses bearish trend

ISLAMABAD (APP): The Pakistan Stock Exchange (PSX) on Friday witnessed bearish trend as KSE 100-index fell by 279 points (0.68%) to 40,848 points from 41,127 points on previous day.

A total of 146,610,620 shares valuing Rs 7.7 billion were traded against 132,017,420 shares of Rs 6.52 billion during the last trading day.

Shares of 348 companies were transacted, out of which 116 recorded gain and 211 sustained losses whereas the share price of 21 remained unchanged.

The top three traded companies were, WTL with a volume of 31,803,500 shares and price per share of Rs 1.38, UNITY with a volume of 22,682,500 shares and price per share of Rs 15.69, and HASCOLR1 with a volume of 22,402,500 and price per share of Rs 10.18.